COMMON STOCK

NPORT-P false 0000822671 XXXXXXXX S000003873 C000010841 C000010842 Putnam Variable Trust 811-05346 0000822671 549300TBVD21LYBGBD46 100 FEDERAL STREET BOSTON 02110 1-800-225-1581 Putnam VT Large Cap Growth S000003873 ZREV7S924QLJLC41VU70 2025-12-31 2025-03-31 N 1103337496.33 4839877.84 1098497618.48 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0 N VISA INC 549300JZ4OKEHW3DPJ59 COMMON STOCK 92826C839 92165 NS USD 32300145.9 2.940392892676 Long EC CORP US N 1 N N N MASTERCARD INC AR5L2ODV9HN37376R084 COMMON STOCK 57636Q104 76571 NS USD 41970096.52 3.820681612225 Long EC CORP US N 1 N N N TESLA INC 54930043XZGB27CTOV49 COMMON STOCK 88160R101 102885 NS USD 26663676.6 2.427285790286 Long EC CORP US N 1 N N N META PLATFORMS INC BQ4BKCS1HXDV9HN80Z93 COMMON STOCK 30303M102 79084 NS USD 45580854.24 4.149381252466 Long EC CORP US N 1 N N N SERVICENOW INC 549300HJTQM36M0E1G39 COMMON STOCK 81762P102 17209 NS USD 13700773.26 1.247228307965 Long EC CORP US N 1 N N N WASTE CONNECTIONS INC 549300HDLRTPBQU69P29 COMMON STOCK 94106B101 46638 NS USD 9103271.22 0.828701953182 Long EC CORP CA N 1 N N N TRANSDIGM GROUP INC N/A COMMON STOCK 893641100 8439 NS USD 11673584.31 1.062686355766 Long EC CORP US N 1 N N N CHIPOTLE MEXICAN GRILL INC N/A COMMON STOCK 169656105 243130 NS USD 12207557.3 1.111295745629 Long EC CORP US N 1 N N N LIVE NATION ENTERTAINMENT INC 5493007B9BM9ZXJINO78 COMMON STOCK 538034109 57062 NS USD 7451155.96 0.678304243418 Long EC CORP US N 1 N N N CBRE GROUP INC 52990016II9MJ2OSWA10 COMMON STOCK 12504L109 88623 NS USD 11590115.94 1.055087944209 Long EC CORP US N 1 N N N SALESFORCE INC RCGZFPDMRW58VJ54VR07 COMMON STOCK 79466L302 88146 NS USD 23654860.56 2.153382962517 Long EC CORP US N 1 N N N NASDAQ INC 549300L8X1Q78ERXFD06 COMMON STOCK 631103108 124282 NS USD 9428032.52 0.858266086461 Long EC CORP US N 1 N N N NETFLIX INC 549300Y7VHGU0I7CE873 COMMON STOCK 64110L106 29026 NS USD 27067615.78 2.464057757126 Long EC CORP US N 1 N N N HILTON WORLDWIDE HOLDINGS INC 549300HVGPK36ICB0B89 COMMON STOCK 43300A203 38012 NS USD 8649630.6 0.787405494057 Long EC CORP US N 1 N N N ALPHABET INC 5493006MHB84DD0ZWV18 COMMON STOCK 02079K107 315557 NS USD 49299470.11 4.487899589461 Long EC CORP US N 1 N N N HUBSPOT INC 529900BLNVEW0MVKJB37 COMMON STOCK 443573100 11406 NS USD 6516133.74 0.593185968761 Long EC CORP US N 1 N N N BROADCOM INC 549300WV6GIDOZJTV909 COMMON STOCK 11135F101 264880 NS USD 44348858.4 4.037228452199 Long EC CORP US N 1 N N N DOORDASH INC 549300NUQ43FGGSK5051 COMMON STOCK 25809K105 64742 NS USD 11832895.34 1.077188984385 Long EC CORP US N 1 N N N APPLOVIN CORP 549300LLVXMUAOL3SQ07 COMMON STOCK 03831W108 9863 NS USD 2613399.11 0.237906670532 Long EC CORP US N 1 N N N MARVELL TECHNOLOGY INC N/A COMMON STOCK 573874104 17448 NS USD 1074273.36 0.097794782795 Long EC CORP US N 1 N N N DRAFTKINGS INC 2549006G33IUL6IVOD83 COMMON STOCK 26142V105 213746 NS USD 7098504.66 0.646201187930 Long EC CORP US N 1 N N N PROGRESSIVE CORP/THE 529900TACNVLY9DCR586 COMMON STOCK 743315103 51810 NS USD 14662748.1 1.334800171919 Long EC CORP US N 1 N N N APPLE INC HWUPKR0MPOU8FGXBT394 COMMON STOCK 037833100 538086 NS USD 119525043.18 10.880773992518 Long EC CORP US N 1 N N N COPART INC 549300KVYX3JWMYEHU61 COMMON STOCK 217204106 182598 NS USD 10333220.82 0.940668477215 Long EC CORP US N 1 N N N TRANE TECHNOLOGIES PLC 549300BURLR9SLYY2705 COMMON STOCK G8994E103 38094 NS USD 12834630.48 1.168380364607 Long EC CORP IE N 1 N N N MCCORMICK AND CO INC/MD 549300JQQA6MQ4OJP259 COMMON STOCK 579780206 65367 NS USD 5380357.77 0.489792392763 Long EC CORP US N 1 N N N ANALOG DEVICES INC GYVOE5EZ4GDAVTU4CQ61 COMMON STOCK 032654105 32355 NS USD 6525032.85 0.593996085219 Long EC CORP US N 1 N N N GENERAL ELECTRIC CO 3C7474T6CDKPR9K6YT90 COMMON STOCK 369604301 37406 NS USD 7486810.9 0.681550034706 Long EC CORP US N 1 N N N STARBUCKS CORP OQSJ1DU9TAOC51A47K68 COMMON STOCK 855244109 133815 NS USD 13125913.35 1.194896841758 Long EC CORP US N 1 N N N IDEXX LABORATORIES INC OGMTXK0LUU1HKV2P0J84 COMMON STOCK 45168D104 11548 NS USD 4849582.6 0.441474111406 Long EC CORP US N 1 N N N CADENCE DESIGN SYSTEMS INC GCT7RXJOGLXPV0NXZY22 COMMON STOCK 127387108 69350 NS USD 17637785.5 1.605628014415 Long EC CORP US N 1 N N N SHERWIN-WILLIAMS CO/THE Z15BMIOX8DDH0X2OBP21 COMMON STOCK 824348106 28605 NS USD 9988579.95 0.909294638601 Long EC CORP US N 1 N N N COSTCO WHOLESALE CORP 29DX7H14B9S6O3FD6V18 COMMON STOCK 22160K105 4542 NS USD 4295732.76 0.391055263820 Long EC CORP US N 1 N N N AMERICAN TOWER CORP 5493006ORUSIL88JOE18 COMMON STOCK 03027X100 51901 NS USD 11293657.6 1.028100326301 Long EC CORP US N 1 N N N ORACLE CORP 1Z4GXXU7ZHVWFCD8TV52 COMMON STOCK 68389X105 105007 NS USD 14681028.67 1.336464314808 Long EC CORP US N 1 N N N MICROSOFT CORP INR2EJN1ERAN0W5ZP974 COMMON STOCK 594918104 285194 NS USD 107058975.66 9.745945176298 Long EC CORP US N 1 N N N AMAZON.COM INC ZXTILKJKG63JELOEG630 COMMON STOCK 023135106 503122 NS USD 95723991.72 8.714082771745 Long EC CORP US N 1 N N N BOSTON SCIENTIFIC CORP Y6ZDD9FP4P8JSSJMW954 COMMON STOCK 101137107 109839 NS USD 11080558.32 1.008701169087 Long EC CORP US N 1 N N N S AND P GLOBAL INC Y6X4K52KMJMZE7I7MY94 COMMON STOCK 78409V104 14057 NS USD 7142361.7 0.650193644469 Long EC CORP US N 1 N N N ELI LILLY AND CO FRDRIPF3EKNDJ2CQJL29 COMMON STOCK 532457108 42012 NS USD 34698130.92 3.158689680913 Long EC CORP US N 1 N N N INTUITIVE SURGICAL INC 54930052SRG011710797 COMMON STOCK 46120E602 32878 NS USD 16283487.06 1.482341589646 Long EC CORP US N 1 N N N COSTAR GROUP INC 984500Q1D53D08E2E698 COMMON STOCK 22160N109 41185 NS USD 3263087.55 0.297050034074 Long EC CORP US N 1 N N N NVIDIA CORP 549300S4KLFTLO7GSQ80 COMMON STOCK 67066G104 954053 NS USD 103400264.14 9.412880137426 Long EC CORP US N 1 N N N SPOTIFY TECHNOLOGY SA 549300B4X0JHWV0DTD60 ORDINARY SHARES L8681T102 22086 NS USD 12147962.58 1.105870634186 Long EC CORP SE N 1 N N N SHOPIFY INC 549300HGQ43STJLLP808 ORDINARY SHARES 82509L107 66729 NS USD 6364945.67 0.579422801008 Long EC CORP CA N 1 N N N CANADIAN PACIFIC KANSAS CITY LTD N/A ORDINARY SHARES 13646K108 153563 NS USD 10781658.23 0.981491270315 Long EC CORP CA N 1 N N N LONZA GROUP AG 549300EFW4H2TCZ71055 ORDINARY SHARES N/A 15166 NS 9369095.26 0.852900825854 Long EC CORP CH N 2 N N N ACCENTURE PLC 5493000EWHDSR3MZWH98 ORDINARY SHARES G1151C101 23949 NS USD 7473045.96 0.680296965080 Long EC CORP IE N 1 N N N JP MORGANCHASE BANK 7H6GLXDRUGQFU57RNE97 OTC EQUITY OPTION N/A 266189 NC USD 20931.77 0.001905490704 N/A DE CORP US N 2 JP MORGANCHASE BANK 7H6GLXDRUGQFU57RNE97 Call Written SPDR S&P 500 ETF TRUST EXCHANGE TRADED FUND 1 675 USD 2025-06-30 XXXX 721735.54 N N N JP MORGANCHASE BANK 7H6GLXDRUGQFU57RNE97 OTC EQUITY OPTION N/A 266189 NC USD 31831.95 0.002897771417 N/A DE CORP US N 2 JP MORGANCHASE BANK 7H6GLXDRUGQFU57RNE97 Call Purchased SPDR S&P 500 ETF TRUST EXCHANGE TRADED FUND 1 665 USD 2025-06-30 XXXX -1070190.51 N N N PUTNAM SHORT TERM INVESTMENT FUND 5493003MK0Q7JP8CPP42 SHORT TERM INV FUND 74676P664 20009383 NS USD 20009383 1.821522656343 Long STIV PF US N 2 N N N 2025-05-29 Putnam Variable Trust Kevin R Blatchford Kevin R Blatchford Assistant Treasurer XXXX