# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0002071691-26-003973
**Filing Date:** 2026-2
**Character Count:** 51547
**Document Hash:** a2c835fe5d96a3bc94cf921b0810cb59
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-003973.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0002071691-26-003973

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05346
- **FILM NUMBER:** 26675127

**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 Core Equity Fund (Series ID: S000003880)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010855 | Class IA Shares |  |
| C000010856 | 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 Core Equity Fund

- **b. EDGAR series identifier (if any):** S000003880

- **c. LEI of Series:** 4G7DKLYVENKNDL7R6F33

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

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

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $180876722.73

**Total Liabilities:** $2594868.49

**Net Assets:** $178281854.24

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010855 | 1.97%                | 1.03%                | 0.60%                |
| Class ID C000010856 | 1.98%                | 1.03%                | 0.55%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $732005.32               | $2635087.40                                |
| Month 2  | $2057602.43              | $-396695.62                                |
| Month 3  | $86558.47                | $764048.75                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ADT, Inc.                                      | ADT, Inc.                                      | CUSIP: 00090Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40128 | NS      | $323832.96    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T, Inc.                                     | AT&T, Inc.                                     | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     47869 | NS      | $1189065.96   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie, Inc.                                   | AbbVie, Inc.                                   | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      7264 | NS      | $1659751.36   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe, Inc.                                    | Adobe, Inc.                                    | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      1481 | NS      | $518335.19    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices, Inc.                   | Advanced Micro Devices, Inc.                   | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |       825 | NS      | $176682.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet, Inc.                                 | Alphabet, Inc., Class C                        | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     31313 | NS      | $9826019.40   | 5.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                               | Amazon.com, Inc.                               | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     29807 | NS      | $6880051.74   | 3.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial, Inc.                     | Ameriprise Financial, Inc.                     | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |      2641 | NS      | $1294987.94   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen, Inc.                                    | Amgen, Inc.                                    | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      1693 | NS      | $554135.83    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Resources Corp.                         | Antero Resources Corp.                         | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |     20796 | NS      | $716630.16    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management, Inc.                 | Apollo Global Management, Inc.                 | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |     11697 | NS      | $1693257.72   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple, Inc.                                    | Apple, Inc.                                    | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     41356 | NS      | $11243042.16  | 6.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Armada Hoffler Properties, Inc.                | Armada Hoffler Properties, Inc.                | CUSIP: 04208T108<br>LEI: 549300WQRSIV6XZT9313 | Long             | EC               | CORP              | US        |     52121 | NS      | $345041.02    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca plc                                | AstraZeneca plc                                | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |      5501 | NS      | $505706.93    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                          | Bank of America Corp.                          | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     48592 | NS      | $2672560.00   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon Corp. (The)            | Bank of New York Mellon Corp. (The)            | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |     16295 | NS      | $1891686.55   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co.                         | Becton Dickinson & Co.                         | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |      1359 | NS      | $263741.13    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway, Inc.                       | Berkshire Hathaway, Inc., Class B              | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      6291 | NS      | $3162171.15   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Best Buy Co., Inc.                             | Best Buy Co., Inc.                             | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |      7283 | NS      | $487451.19    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Rad Laboratories, Inc.                     | Bio-Rad Laboratories, Inc., Class A            | CUSIP: 090572207<br>LEI: 549300ZC1GPV35XYDK53 | Long             | EC               | CORP              | US        |      1171 | NS      | $354801.29    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock, Inc.                                | BlackRock, Inc.                                | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |      1014 | NS      | $1085324.76   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co. (The)                               | Boeing Co. (The)                               | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |      4997 | NS      | $1084948.64   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP, Inc.                                      | BXP, Inc.                                      | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |      1073 | NS      | $72406.04     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom, Inc.                                 | Broadcom, Inc.                                 | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     13788 | NS      | $4772026.80   | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Putnam Cash Collateral Pool LLC                | Putnam Cash Collateral Pool LLC                | CUSIP: 99311N9A5<br>LEI: 5493005HRIV7IFMKD774 | Long             | STIV             | PF                | US        |   2267600 | NS      | $2267600.00   | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| CBRE Group, Inc.                               | CBRE Group, Inc., Class A                      | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |     11150 | NS      | $1792808.50   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp.                               | CVS Health Corp.                               | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      7990 | NS      | $634086.40    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Casey's General Stores, Inc.                   | Casey's General Stores, Inc.                   | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |       828 | NS      | $457643.88    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications, Inc.                   | Charter Communications, Inc., Class A          | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |      2105 | NS      | $439418.75    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                            | Cisco Systems, Inc.                            | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     26988 | NS      | $2078885.64   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corp.                                   | Cintas Corp.                                   | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1617 | NS      | $304109.19    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup, Inc.                                | Citigroup, Inc.                                | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     22423 | NS      | $2616539.87   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co. (The)                            | Coca-Cola Co. (The)                            | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     26032 | NS      | $1819897.12   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                 | ConocoPhillips                                 | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     12183 | NS      | $1140450.63   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp.                     | Constellation Energy Corp.                     | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |      1940 | NS      | $685343.80    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Corebridge Financial, Inc.                     | Corebridge Financial, Inc.                     | CUSIP: 21871X109<br>LEI: 549300XY1661QCIA7J65 | Long             | EC               | CORP              | US        |     19099 | NS      | $576216.83    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group, Inc.                             | CoStar Group, Inc.                             | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |      4944 | NS      | $332434.56    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Co.                                    | Deere & Co.                                    | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |      1081 | NS      | $503281.17    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co. (The)                          | Walt Disney Co. (The)                          | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     10171 | NS      | $1157154.67   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| DuPont de Nemours, Inc.                        | DuPont de Nemours, Inc.                        | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |      8153 | NS      | $327750.60    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastman Chemical Co.                           | Eastman Chemical Co.                           | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |      4252 | NS      | $271405.16    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay, Inc.                                     | eBay, Inc.                                     | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |      4544 | NS      | $395782.40    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts, Inc.                          | Electronic Arts, Inc.                          | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |      2835 | NS      | $579275.55    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                              | Exxon Mobil Corp.                              | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     15866 | NS      | $1909314.44   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms, Inc.                           | Meta Platforms, Inc., Class A                  | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      7559 | NS      | $4989620.31   | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Fair Isaac Corp.                               | Fair Isaac Corp.                               | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |       129 | NS      | $218089.98    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp.                                    | FedEx Corp.                                    | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      2511 | NS      | $725327.46    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp                            | Fifth Third Bancorp                            | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |     10188 | NS      | $476900.28    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| First Watch Restaurant Group, Inc.             | First Watch Restaurant Group, Inc.             | CUSIP: 33748L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8245 | NS      | $124334.60    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Star Bancorp                              | Five Star Bancorp                              | CUSIP: 33830T103<br>LEI: 5493008ZRBIHKWC0JA73 | Long             | EC               | CORP              | US        |      8584 | NS      | $307135.52    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Floor & Decor Holdings, Inc.                   | Floor & Decor Holdings, Inc., Class A          | CUSIP: 339750101<br>LEI: 549300M5FR3N688XGQ36 | Long             | EC               | CORP              | US        |       899 | NS      | $54740.11     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan, Inc.                         | Freeport-McMoRan, Inc.                         | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     18774 | NS      | $953531.46    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties, Inc.            | Gaming and Leisure Properties, Inc.            | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |     24699 | NS      | $1103798.31   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Gartner, Inc.                                  | Gartner, Inc.                                  | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |      1520 | NS      | $383465.60    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co.                             | General Motors Co.                             | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |      9063 | NS      | $737003.16    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| GoDaddy, Inc.                                  | GoDaddy, Inc., Class A                         | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |      2755 | NS      | $341840.40    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                | Goldman Sachs Group, Inc. (The)                | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      3719 | NS      | $3269001.00   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Graham Holdings Co.                            | Graham Holdings Co., Class B                   | CUSIP: 384637104<br>LEI: 529900BOSCEEEMAFQJ29 | Long             | EC               | CORP              | US        |       228 | NS      | $250480.80    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardian Pharmacy Services, Inc.               | Guardian Pharmacy Services, Inc., Class A      | CUSIP: 40145W101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15255 | NS      | $459022.95    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare, Inc.                           | HCA Healthcare, Inc.                           | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |       797 | NS      | $372087.42    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co. (The)                              | Hershey Co. (The)                              | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |      1465 | NS      | $266600.70    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Highwoods Properties, Inc.                     | Highwoods Properties, Inc.                     | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |     11230 | NS      | $289958.60    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings, Inc.                | Hilton Worldwide Holdings, Inc.                | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |      4164 | NS      | $1196109.00   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot, Inc. (The)                         | Home Depot, Inc. (The)                         | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      1734 | NS      | $596669.40    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International, Inc.                  | Honeywell International, Inc.                  | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      4106 | NS      | $801039.54    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana, Inc.                                   | Humana, Inc.                                   | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |      1312 | NS      | $336042.56    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corp.                                    | Intel Corp.                                    | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |      7227 | NS      | $266676.30    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp.          | International Business Machines Corp.          | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      3760 | NS      | $1113749.60   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Expanded Tech-Software Sector ETF      | iShares Expanded Tech-Software Sector ETF      | CUSIP: 464287515<br>LEI: 54930072GM1ADLZJ5373 | Long             |  | RF                | US        |     11007 | NS      | $1163329.83   | 0.65%             |  |  |  | No            |                  1 | On Loan: —       |
| JPMorgan Chase & Co.                           | JPMorgan Chase & Co.                           | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      9580 | NS      | $3086867.60   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Jefferies Financial Group, Inc.                | Jefferies Financial Group, Inc.                | CUSIP: 47233W109<br>LEI: 549300HOF34RGOJ5YL07 | Long             | EC               | CORP              | US        |      2998 | NS      | $185786.06    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                              | Johnson & Johnson                              | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      7599 | NS      | $1572613.05   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | Southwest Airlines Co.                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |   -497548 | NC      | $-27204.99    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| KKR & Co., Inc.                                | KKR & Co., Inc.                                | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |      3419 | NS      | $435854.12    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | Gaming and Leisure Properties, Inc.            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |   -111150 | NC      | $-3158.46     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | Tesla, Inc.                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |   -379680 | NC      | $-8190.84     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | Vail Resorts, Inc.                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    -27825 | NC      | $-164.63      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Keurig Dr. Pepper, Inc.                        | Keurig Dr. Pepper, Inc.                        | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |     14958 | NS      | $418973.58    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corp.                           | Kimberly-Clark Corp.                           | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |      3506 | NS      | $353720.34    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Kroger Co. (The)                               | Kroger Co. (The)                               | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |      9959 | NS      | $622238.32    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp.                             | Lam Research Corp.                             | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |     16685 | NS      | $2856138.30   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                                | Eli Lilly & Co.                                | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      2629 | NS      | $2825333.72   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos., Inc.                              | Lowe's Cos., Inc.                              | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |      6593 | NS      | $1589967.88   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard, Inc.                               | Mastercard, Inc., Class A                      | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      5887 | NS      | $3360770.56   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp.                               | McDonald's Corp.                               | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      3422 | NS      | $1045865.86   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp.                                 | McKesson Corp.                                 | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      1922 | NS      | $1576597.38   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Medline, Inc.                                  | Medline, Inc., Class A                         | CUSIP: 58507V107<br>LEI: 984500FAN6J1P8566D43 | Long             | EC               | CORP              | US        |       795 | NS      | $33390.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Merck & Co., Inc.                              | Merck & Co., Inc.                              | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     11893 | NS      | $1251857.18   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                                | Microsoft Corp.                                | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     22261 | NS      | $10765864.82  | 6.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Molson Coors Beverage Co.                      | Molson Coors Beverage Co., Class B             | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |     13146 | NS      | $613655.28    | 0.34%             |  |  |  | No            |                  1 | On Loan: —       |
| Morgan Stanley                                 | Morgan Stanley                                 | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |      3586 | NS      | $636622.58    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy, Inc.                               | NRG Energy, Inc.                               | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |     10193 | NS      | $1623133.32   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix, Inc.                                  | Netflix, Inc.                                  | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      6792 | NS      | $636817.92    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Times Co. (The)                       | New York Times Co. (The), Class A              | CUSIP: 650111107<br>LEI: 529900J1WEMMIW7BOH57 | Long             | EC               | CORP              | US        |      6627 | NS      | $460046.34    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy, Inc.                           | NextEra Energy, Inc.                           | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     10084 | NS      | $809543.52    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp.                         | Northrop Grumman Corp.                         | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |      1159 | NS      | $660873.39    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corp.                                    | Nucor Corp.                                    | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |      5323 | NS      | $868234.53    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                                   | NVIDIA Corp.                                   | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     67848 | NS      | $12653652.00  | 7.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                                   | Oracle Corp.                                   | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      5548 | NS      | $1081360.68   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp.                           | Otis Worldwide Corp.                           | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |     17286 | NS      | $1509932.10   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Owens Corning                                  | Owens Corning                                  | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |      1675 | NS      | $187449.25    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E Corp.                                     | PG&E Corp.                                     | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |     85597 | NS      | $1375543.79   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies, Inc.                    | Palantir Technologies, Inc., Class A           | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |      2198 | NS      | $390694.50    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| PayPal Holdings, Inc.                          | PayPal Holdings, Inc.                          | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |      2563 | NS      | $149627.94    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp.                        | Permian Resources Corp., Class A               | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |     34716 | NS      | $487065.48    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co. (The)                     | Procter & Gamble Co. (The)                     | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      8581 | NS      | $1229743.11   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| PulteGroup, Inc.                               | PulteGroup, Inc.                               | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10534 | NS      | $1235216.84   | 0.69%             |  |  |  | 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        |      9995 | NS      | $9994.68      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Qnity Electronics, Inc.                        | Qnity Electronics, Inc.                        | CUSIP: 74743L100<br>LEI: 254900RSUG4J9TFFZX53 | Long             | EC               | CORP              | US        |      3231 | NS      | $263811.15    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM, Inc.                                 | QUALCOMM, Inc.                                 | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      5505 | NS      | $941630.25    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial, Inc.                  | Raymond James Financial, Inc.                  | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |     11228 | NS      | $1803104.52   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp.                                      | RTX Corp.                                      | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |      4485 | NS      | $822549.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals, Inc.                | Regeneron Pharmaceuticals, Inc.                | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |      1188 | NS      | $916981.56    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce, Inc.                               | Salesforce, Inc.                               | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      4419 | NS      | $1170637.29   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Industrial Select Sector SPDR ETF | State Street Industrial Select Sector SPDR ETF | CUSIP: 81369Y704<br>LEI: 549300HQI51T8KP6U325 | Long             |  | RF                | US        |      8331 | NS      | $1292304.72   | 0.72%             |  |  |  | No            |                  1 | On Loan: —       |
| Snap-on, Inc.                                  | Snap-on, Inc.                                  | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |       726 | NS      | $250179.60    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Solstice Advanced Materials, Inc.              | Solstice Advanced Materials, Inc.              | CUSIP: 83443Q103<br>LEI: 2138004GZ4H9TW6HK435 | Long             | EC               | CORP              | US        |      1027 | NS      | $49891.66     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Airlines Co.                         | Southwest Airlines Co.                         | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |     37726 | NS      | $1559215.58   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Starwood Property Trust, Inc.                  | Starwood Property Trust, Inc.                  | CUSIP: 85571B105<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | EC               | CORP              | US        |     28363 | NS      | $510817.63    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| TPG, Inc.                                      | TPG, Inc., Class A                             | CUSIP: 872657101<br>LEI: 549300NLO4R8MX77XJ02 | Long             | EC               | CORP              | US        |      6859 | NS      | $437878.56    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp.                                   | Target Corp.                                   | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |      5521 | NS      | $539677.75    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenet Healthcare Corp.                         | Tenet Healthcare Corp.                         | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |      4377 | NS      | $869797.44    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla, Inc.                                    | Tesla, Inc.                                    | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      8478 | NS      | $3812726.16   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific, Inc.                 | Thermo Fisher Scientific, Inc.                 | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      1413 | NS      | $818762.85    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB Financial Corp.                            | UMB Financial Corp.                            | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |      7641 | NS      | $879020.64    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp.                            | Union Pacific Corp.                            | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      7400 | NS      | $1711768.00   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals, Inc.                           | United Rentals, Inc.                           | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |      1080 | NS      | $874065.60    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                       | U.S. Treasury Bills                            | CUSIP: 912797SG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    200000 | PA      | $199647.07    | 0.11%             | 2026-01-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group, Inc.                       | UnitedHealth Group, Inc.                       | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      3867 | NS      | $1276535.37   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Vail Resorts, Inc.                             | Vail Resorts, Inc.                             | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |      2267 | NS      | $301057.60    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals, Inc.                   | Vertex Pharmaceuticals, Inc.                   | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |       360 | NS      | $163209.60    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart, Inc.                                  | Walmart, Inc.                                  | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     21606 | NS      | $2407124.46   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Nyxoah SA                                      | Nyxoah SA                                      | CUSIP: N/A<br>LEI: 5493002O1ESKZ18OXR80       | Long             | EC               | CORP              | BE        |      3804 | NS      | $17498.40     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Music Group NV                       | Universal Music Group NV                       | CUSIP: N/A<br>LEI: 724500GJBUL3D9TW9Y18       | Long             | EC               | CORP              | NL        |     24180 | NS      | $630368.65    | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Amcor plc                                      | Amcor plc                                      | CUSIP: N/A<br>LEI: 549300GSODGFCDQ3DI89       | Long             | EC               | CORP              | JE        |     48473 | NS      | $404264.82    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd.                        | Arch Capital Group Ltd.                        | CUSIP: N/A<br>LEI: 549300AYR4P8AFKDCE43       | Long             | EC               | CORP              | BM        |     11382 | NS      | $1091761.44   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Assured Guaranty Ltd.                          | Assured Guaranty Ltd.                          | CUSIP: N/A<br>LEI: 549300BBOQUJEPH87M14       | Long             | EC               | CORP              | BM        |      4482 | NS      | $402797.34    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic plc                                  | Medtronic plc                                  | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |      6272 | NS      | $602488.32    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Royalty Pharma plc                             | Royalty Pharma plc, Class A                    | CUSIP: N/A<br>LEI: 549300FGFN7VOK8BZR03       | Long             | EC               | CORP              | GB        |      6495 | NS      | $250966.80    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Viking Holdings Ltd.                           | Viking Holdings Ltd.                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BM        |     15275 | NS      | $1090787.75   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Putnam Variable Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer