NPORT-P false 0000822671 XXXXXXXX S000003884 C000010863 C000010864 Putnam Variable Trust 811-05346 0000822671 549300TBVD21LYBGBD46 100 Federal Street Boston 02110 617-292-1000 Putnam VT Sustainable Leaders Fund S000003884 B8ZS316QP9AOFBYPRB36 2026-12-31 2026-03-31 N 833636361.24 1573369.36 832062991.88 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 203555.85000000 N S&P 500 Daily Index BM0129 Cadence Design Systems, Inc. GCT7RXJOGLXPV0NXZY22 127387108 24060.00000000 NS USD 6685552.20000000 0.803491113682 Long EC CORP US N 1 N N N Lam Research Corp. 549300I4GMO6D34U1T02 512807306 53500.00000000 NS USD 11430810.00000000 1.373791421028 Long EC CORP US N 1 N N N N/A N/A N/A 1.00000000 NC N/A 12487.61000000 0.001500801035 N/A DFE N/A N 2 HSBC Bank MP6I5ZYZBEU3UXPYFY54 1863600.00000000 GBP 2478578.68000000 USD 2026-06-17 12487.61000000 N N N Alphabet, Inc. 5493006MHB84DD0ZWV18 02079K305 175800.00000000 NS USD 50553048.00000000 6.075627505770 Long EC CORP US N 1 N N N N/A N/A N/A 1.00000000 NC N/A 75016.91000000 0.009015772932 N/A DFE N/A N 2 State Street Bank and Trust 571474TGEMMWANRLN572 11138700.00000000 GBP 14814794.02000000 USD 2026-06-17 75016.91000000 N N N Walmart, Inc. Y87794H0US1R65VBXU25 931142103 96600.00000000 NS USD 12005448.00000000 1.442853259568 Long EC CORP US N 1 N N N Valero Energy Corp. 549300XTO5VR8SKV1V74 91913Y100 26200.00000000 NS USD 6473496.00000000 0.778005519194 Long EC CORP US N 1 N N N N/A N/A N/A 1.00000000 NC N/A -2134.02000000 -0.00025647337 N/A DFE N/A N 2 UBS AG BFM8T61CT2L1QCEMIK50 99523.19000000 USD 135400.00000000 CAD 2026-04-15 -2134.02000000 N N N NVIDIA Corp. 549300S4KLFTLO7GSQ80 67066G104 399700.00000000 NS USD 69707680.00000000 8.377692636286 Long EC CORP US N 1 N N N Amazon.com, Inc. ZXTILKJKG63JELOEG630 023135106 206700.00000000 NS USD 43049409.00000000 5.173816095669 Long EC CORP US N 1 N N N N/A N/A N/A 1.00000000 NC N/A -1982.24000000 -0.00023823196 N/A DFE N/A N 2 Goldman Sachs International W22LROWP2IHZNBB6K528 6020985.91000000 USD 4548500.00000000 GBP 2026-06-17 -1982.24000000 N N N N/A N/A N/A 1.00000000 NC N/A 184.37000000 0.000022158178 N/A DFE N/A N 2 UBS AG BFM8T61CT2L1QCEMIK50 27400.00000000 GBP 36442.63000000 USD 2026-06-17 184.37000000 N N N Hilton Worldwide Holdings, Inc. 549300HVGPK36ICB0B89 43300A203 18159.00000000 NS USD 5521788.72000000 0.663626284774 Long EC CORP US N 1 N N N Eli Lilly & Co. FRDRIPF3EKNDJ2CQJL29 532457108 21600.00000000 NS USD 19867032.00000000 2.387683648218 Long EC CORP US N 1 N N N N/A N/A N/A 1.00000000 NC N/A 80120.59000000 0.009629149569 N/A DFE N/A N 2 State Street Bank and Trust 571474TGEMMWANRLN572 4185900.00000000 CHF 5359337.71000000 USD 2026-06-17 80120.59000000 N N N Boston Scientific Corp. Y6ZDD9FP4P8JSSJMW954 101137107 111000.00000000 NS USD 6965250.00000000 0.837106092684 Long EC CORP US N 1 N N N Danone SA 969500KMUQ2B6CBAF162 N/A 100229.00000000 NS 8009012.23000000 0.962548786348 Long EC CORP FR N 2 N N N Republic Services, Inc. NKNQHM6BLECKVOQP7O46 760759100 17300.00000000 NS USD 3789046.00000000 0.455379705259 Long EC CORP US N 1 N N N Mettler-Toledo International, Inc. 5493000BD5GJNUDIUG10 592688105 4130.00000000 NS USD 5208756.00000000 0.626005008134 Long EC CORP US N 1 N N N Apple, Inc. HWUPKR0MPOU8FGXBT394 037833100 276088.00000000 NS USD 70068373.52000000 8.421041940789 Long EC CORP US N 1 N N N NextEra Energy, Inc. 254900RHL9MEUS5NKX63 65339F101 156800.00000000 NS USD 14563584.00000000 1.750298251709 Long EC CORP US N 1 N N N N/A N/A N/A 1.00000000 NC N/A 1091.24000000 0.000131148724 N/A DFE N/A N 2 Citibank MBNUM2BPBDO7JBLYG310 2370200.00000000 GBP 3137563.15000000 USD 2026-06-17 1091.24000000 N N N N/A N/A N/A 1.00000000 NC N/A 27573.09000000 0.003313822423 N/A DFE N/A N 2 Toronto Dominion Bank PT3QB789TSUIDF371261 6415400.00000000 CAD 4641978.52000000 USD 2026-04-15 27573.09000000 N N N N/A N/A N/A 1.00000000 NC N/A -7600.23000000 -0.00091342002 N/A DFE N/A N 2 Citibank MBNUM2BPBDO7JBLYG310 727200.00000000 EUR 835891.02000000 USD 2026-06-17 -7600.23000000 N N N N/A N/A N/A 1.00000000 NC N/A -11680.50000000 -0.00140379996 N/A DFE N/A N 2 Morgan Stanley & Co. International 4PQUHN3JPFGFNF3BB653 23650700.00000000 DKK 3662181.85000000 USD 2026-06-17 -11680.50000000 N N N Mastercard, Inc. AR5L2ODV9HN37376R084 57636Q104 30780.00000000 NS USD 15379534.80000000 1.848361836794 Long EC CORP US N 1 N N N N/A N/A N/A 1.00000000 NC N/A 788.73000000 0.000094792102 N/A DFE N/A N 2 State Street Bank and Trust 571474TGEMMWANRLN572 146953.64000000 USD 951100.00000000 DKK 2026-06-17 788.73000000 N N N Tesla, Inc. 54930043XZGB27CTOV49 88160R101 38040.00000000 NS USD 14141370.00000000 1.699555218535 Long EC CORP US N 1 N N N N/A N/A N/A 1.00000000 NC N/A -25673.96000000 -0.00308557888 N/A DFE N/A N 2 Bank of America B4TYDEB6GKMZO031MB27 18850500.00000000 DKK 2902532.91000000 USD 2026-06-17 -25673.96000000 N N N Unilever plc 549300MKFYEKVRWML317 N/A 188428.00000000 NS 10638571.48000000 1.278577653833 Long EC CORP GB N 2 N N N Becton Dickinson & Co. ICE2EP6D98PQUILVRZ91 075887109 42600.00000000 NS USD 6697998.00000000 0.804986889858 Long EC CORP US N 1 N N N N/A N/A N/A 1.00000000 NC N/A 762.72000000 0.000091666136 N/A DFE N/A N 2 Westpac Banking EN5TNI6CI43VEPAMHL14 1613200.00000000 GBP 2135500.92000000 USD 2026-06-17 762.72000000 N N N KKR & Co., Inc. 54930013V5I303TF9571 48251W104 106600.00000000 NS USD 9860500.00000000 1.185066526960 Long EC CORP US N 1 N N N United States of America 254900HROIFWPRGM1V77 912797SM0 300000.00000000 PA USD 299335.48000000 0.035975098390 Long STIV UST US N 2 2026-04-23 None 0.00000000 N N N N N N N/A N/A N/A 1.00000000 NC N/A 13455.72000000 0.001617151601 N/A DFE N/A N 2 Morgan Stanley & Co. International 4PQUHN3JPFGFNF3BB653 3096400.00000000 CAD 2240603.67000000 USD 2026-04-15 13455.72000000 N N N ASML Holding NV 724500Y6DUVHQD6OXN27 N/A 6380.00000000 NS USD 8426895.40000000 1.012771326478 Long EC CORP NL N 1 N N N Home Depot, Inc. (The) QEKMOTMBBKA8I816DO57 437076102 43520.00000000 NS USD 14313292.80000000 1.720217452246 Long EC CORP US N 1 N N N N/A N/A N/A 1.00000000 NC N/A 18061.63000000 0.002170704643 N/A DFE N/A N 2 State Street Bank and Trust 571474TGEMMWANRLN572 4173400.00000000 CAD 3019863.49000000 USD 2026-04-15 18061.63000000 N N N N/A N/A N/A 1.00000000 NC N/A -52846.23000000 -0.00635122947 N/A DFE N/A N 2 Goldman Sachs International W22LROWP2IHZNBB6K528 5049100.00000000 EUR 5803688.00000000 USD 2026-06-17 -52846.23000000 N N N N/A N/A N/A 1.00000000 NC N/A 16750.47000000 0.002013125227 N/A DFE N/A N 2 Westpac Banking EN5TNI6CI43VEPAMHL14 1839927.82000000 USD 1600700.00000000 EUR 2026-06-17 16750.47000000 N N N Trane Technologies plc 549300BURLR9SLYY2705 N/A 21440.00000000 NS USD 8934905.60000000 1.073825622241 Long EC CORP IE N 1 N N N N/A N/A N/A 1.00000000 NC N/A 225.46000000 0.000027096506 N/A DFE N/A N 2 Bank of America B4TYDEB6GKMZO031MB27 175153.91000000 USD 151200.00000000 EUR 2026-06-17 225.46000000 N N N Danish Krone N/A N/A -0.01000000 OU Currencies 0.00000000 0.000000 Short STIV DK N 1 N N N N/A N/A N/A 1.00000000 NC N/A 87243.01000000 0.010485144856 N/A DFE N/A N 2 Citibank MBNUM2BPBDO7JBLYG310 9968170.13000000 USD 64732300.00000000 DKK 2026-06-17 87243.01000000 N N N N/A N/A N/A 1.00000000 NC N/A 7072.42000000 0.000849986127 N/A DFE N/A N 2 State Street Bank and Trust 571474TGEMMWANRLN572 1260948.26000000 USD 1093200.00000000 EUR 2026-06-17 7072.42000000 N N N Liberty Media Corp.-Liberty Formula One Corp. N/A 531229755 70900.00000000 NS USD 6027918.00000000 0.724454525537 Long EC CORP US N 1 N N N N/A N/A N/A 1.00000000 NC N/A -45627.04000000 -0.00548360405 N/A DFE N/A N 2 Westpac Banking EN5TNI6CI43VEPAMHL14 2552283.36000000 USD 3485000.00000000 CAD 2026-04-15 -45627.04000000 N N N Fortive Corp. 549300MU9YQJYHDQEF63 34959J108 168000.00000000 NS USD 9287040.00000000 1.116146264240 Long EC CORP US N 1 N N N Broadcom, Inc. 549300WV6GIDOZJTV909 11135F101 102860.00000000 NS USD 31836198.60000000 3.826176492727 Long EC CORP US N 1 N N N Roper Technologies, Inc. 54930003T4SXCIWVXY35 776696106 29940.00000000 NS USD 10594568.40000000 1.273289222497 Long EC CORP US N 1 N N N Meta Platforms, Inc. BQ4BKCS1HXDV9HN80Z93 30303M102 40480.00000000 NS USD 23159822.40000000 2.783421763257 Long EC CORP US N 1 N N N N/A N/A N/A 1.00000000 NC N/A 25411.66000000 0.003054054830 N/A DFE N/A N 2 JP Morgan Chase Bank 7H6GLXDRUGQFU57RNE97 7187200.00000000 CAD 5194949.76000000 USD 2026-04-15 25411.66000000 N N N Capital One Financial Corp. ZUE8T73ROZOF6FLBAR73 14040H105 55900.00000000 NS USD 10197837.00000000 1.225608769951 Long EC CORP US N 1 N N N Costco Wholesale Corp. 29DX7H14B9S6O3FD6V18 22160K105 10000.00000000 NS USD 9964300.00000000 1.197541543998 Long EC CORP US N 1 N N N N/A N/A N/A 1.00000000 NC N/A -26879.84000000 -0.00323050541 N/A DFE N/A N 2 HSBC Bank MP6I5ZYZBEU3UXPYFY54 32282500.00000000 DKK 4987832.67000000 USD 2026-06-17 -26879.84000000 N N N Aon plc 635400FALWQYX5E6QC64 N/A 20880.00000000 NS USD 6739646.40000000 0.809992328197 Long EC CORP IE N 1 N N N N/A N/A N/A 1.00000000 NC N/A -18787.52000000 -0.00225794443 N/A DFE N/A N 2 Toronto Dominion Bank PT3QB789TSUIDF371261 2930300.00000000 EUR 3380115.70000000 USD 2026-06-17 -18787.52000000 N N N Keurig Dr. Pepper, Inc. DYTQ8KRTKO7Y2BVU5K74 49271V100 490590.00000000 NS USD 12917234.70000000 1.552434710599 Long EC CORP US N 1 N N N N/A N/A N/A 1.00000000 NC N/A -5324.65000000 -0.00063993352 N/A DFE N/A N 2 Citibank MBNUM2BPBDO7JBLYG310 1425894.49000000 USD 9145000.00000000 DKK 2026-06-17 -5324.65000000 N N N Netflix, Inc. 549300Y7VHGU0I7CE873 64110L106 120770.00000000 NS USD 11612035.50000000 1.395571683072 Long EC CORP US N 1 N N N N/A N/A N/A 1.00000000 NC N/A -12927.56000000 -0.00155367563 N/A DFE N/A N 2 Morgan Stanley & Co. International 4PQUHN3JPFGFNF3BB653 2214624.45000000 USD 1663800.00000000 GBP 2026-06-17 -12927.56000000 N N N JPMorgan Chase & Co. 8I5DZWZKVSZI1NUHU748 46625H100 66080.00000000 NS USD 19438092.80000000 2.336132358931 Long EC CORP US N 1 N N N Advanced Micro Devices, Inc. R2I72C950HOYXII45366 007903107 43200.00000000 NS USD 8788176.00000000 1.056191188138 Long EC CORP US N 1 N N N Constellation Energy Corp. 549300F8Y20RYGNGV346 21037T109 40720.00000000 NS USD 11371060.00000000 1.366610474323 Long EC CORP US N 1 N N N Analog Devices, Inc. GYVOE5EZ4GDAVTU4CQ61 032654105 14100.00000000 NS USD 4485774.00000000 0.539114711719 Long EC CORP US N 1 N N N TPG, Inc. 549300NLO4R8MX77XJ02 872657101 132258.00000000 NS USD 5357771.58000000 0.643914178648 Long EC CORP US N 1 N N N N/A N/A N/A 1.00000000 NC N/A 7779.88000000 0.000935010939 N/A DFE N/A N 2 Goldman Sachs International W22LROWP2IHZNBB6K528 2944100.00000000 EUR 3422689.95000000 USD 2026-06-17 7779.88000000 N N N Australian Dollar N/A N/A 250.00000000 OU Currencies 172.49000000 0.000020730401 Long STIV AU N 1 N N N N/A N/A N/A 1.00000000 NC N/A -13815.89000000 -0.00166043798 N/A DFE N/A N 2 Morgan Stanley & Co. International 4PQUHN3JPFGFNF3BB653 3444100.00000000 EUR 3981052.41000000 USD 2026-06-17 -13815.89000000 N N N Ingersoll Rand, Inc. 5299004C02FMZCUOIR50 45687V106 160500.00000000 NS USD 12859260.00000000 1.545467125144 Long EC CORP US N 1 N N N Allegion plc 984500560CAC2E6FB757 N/A 89500.00000000 NS USD 13003455.00000000 1.562796942887 Long EC CORP IE N 1 N N N N/A N/A N/A 1.00000000 NC N/A -13698.38000000 -0.00164631525 N/A DFE N/A N 2 Bank of America B4TYDEB6GKMZO031MB27 989532.13000000 USD 1356700.00000000 CAD 2026-04-15 -13698.38000000 N N N N/A N/A N/A 1.00000000 NC N/A 3609.65000000 0.000433819318 N/A DFE N/A N 2 Bank of America B4TYDEB6GKMZO031MB27 7507600.00000000 GBP 9938373.19000000 USD 2026-06-17 3609.65000000 N N N Putnam Short Term Investment Fund 549300S9JYWEMKQCLW53 74676P664 4765953.46000000 NS USD 4765953.46000000 0.572787578165 Long RF US N 1 N N N Walt Disney Co. (The) 549300GZKULIZ0WOW665 254687106 69700.00000000 NS USD 6717686.00000000 0.807353056866 Long EC CORP US N 1 N N N AstraZeneca plc PY6ZZQWO2IZFZC3IOL08 N/A 42218.00000000 NS 8255307.59000000 0.992149352941 Long EC CORP GB N 2 N N N Microsoft Corp. INR2EJN1ERAN0W5ZP974 594918104 108360.00000000 NS USD 40111621.20000000 4.820743332108 Long EC CORP US N 1 N N N N/A N/A N/A 1.00000000 NC N/A -20085.89000000 -0.00241398670 N/A DFE N/A N 2 UBS AG BFM8T61CT2L1QCEMIK50 3094200.00000000 EUR 3568927.64000000 USD 2026-06-17 -20085.89000000 N N N N/A N/A N/A 1.00000000 NC N/A -52412.56000000 -0.00629910962 N/A DFE N/A N 2 JP Morgan Chase Bank 7H6GLXDRUGQFU57RNE97 2409748.40000000 USD 3277400.00000000 CAD 2026-04-15 -52412.56000000 N N N Bank of America Corp. 9DJT3UXIJIZJI4WXO774 060505104 272904.00000000 NS USD 13304070.00000000 1.598925818097 Long EC CORP US N 1 N N N N/A N/A N/A 1.00000000 NC N/A 774.49000000 0.000093080693 N/A DFE N/A N 2 Barclays Bank G5GSEF7VJP5I7OUK5573 1757000.00000000 GBP 2325802.40000000 USD 2026-06-17 774.49000000 N N N Prologis, Inc. 529900DFH19P073LZ636 74340W103 59900.00000000 NS USD 7917582.00000000 0.951560407957 Long EC CORP US N 1 N N N Honeywell International, Inc. ISRPG12PN4EIEOEMW547 438516106 27500.00000000 NS USD 6215825.00000000 0.747037791688 Long EC CORP US N 1 N N N N/A N/A N/A 1.00000000 NC N/A -14886.78000000 -0.00178914098 N/A DFE N/A N 2 HSBC Bank MP6I5ZYZBEU3UXPYFY54 2288700.00000000 EUR 2639814.04000000 USD 2026-06-17 -14886.78000000 N N N BXP, Inc. 549300OF70FSEUQBT254 101121101 89500.00000000 NS USD 4645050.00000000 0.558257012429 Long EC CORP US N 1 N N N United States of America 254900HROIFWPRGM1V77 912797TN7 1300000.00000000 PA USD 1286302.62000000 0.154591975914 Long STIV UST US N 2 2026-07-16 None 0.00000000 N N N N N N Occidental Petroleum Corp. IM7X0T3ECJW4C1T7ON55 674599105 107000.00000000 NS USD 6955000.00000000 0.835874214797 Long EC CORP US N 1 N N N AbbVie, Inc. FR5LCKFTG8054YNNRU85 00287Y109 68200.00000000 NS USD 14832818.00000000 1.782655657654 Long EC CORP US N 1 N N N Baker Hughes Co. N/A 05722G100 174300.00000000 NS USD 10641015.00000000 1.278871323907 Long EC CORP US N 1 N N N United Rentals, Inc. 5323X5O7RN0NKFCDRY08 911363109 11360.00000000 NS USD 8276441.60000000 0.994689306070 Long EC CORP US N 1 N N N N/A N/A N/A 1.00000000 NC N/A -17923.36000000 -0.00215408691 N/A DFE N/A N 2 Goldman Sachs International W22LROWP2IHZNBB6K528 1871800.00000000 EUR 2153208.28000000 USD 2026-06-17 -17923.36000000 N N N Carpenter Technology Corp. DX6I6ZD3X5WNNCDJKP85 144285103 11500.00000000 NS USD 4532725.00000000 0.544757433539 Long EC CORP US N 1 N N N Thermo Fisher Scientific, Inc. HCHV7422L5HDJZCRFL38 883556102 22940.00000000 NS USD 11275698.20000000 1.355149587235 Long EC CORP US N 1 N N N N/A N/A N/A 1.00000000 NC N/A -24870.80000000 -0.00298905254 N/A DFE N/A N 2 JP Morgan Chase Bank 7H6GLXDRUGQFU57RNE97 7452000.00000000 EUR 8618826.71000000 USD 2026-06-17 -24870.80000000 N N N Canadian Pacific Kansas City Ltd. N/A 13646K108 92900.00000000 NS 7310590.90000000 0.878610270056 Long EC CORP CA N 1 N N N Visa, Inc. 549300JZ4OKEHW3DPJ59 92826C839 54160.00000000 NS USD 16369318.40000000 1.967317205517 Long EC CORP US N 1 N N N On Holding AG 506700FB3467B9W95526 N/A 177900.00000000 NS USD 6052158.00000000 0.727367766510 Long EC CORP CH N 1 N N N EURO N/A N/A -0.01000000 OU Currencies -0.01000000 -0.00000000120 Short STIV XX N 1 N N N N/A N/A N/A 1.00000000 NC N/A 13620.59000000 0.001636966207 N/A DFE N/A N 2 Barclays Bank G5GSEF7VJP5I7OUK5573 1497286.60000000 USD 1302600.00000000 EUR 2026-06-17 13620.59000000 N N N N/A N/A N/A 1.00000000 NC N/A -12726.19000000 -0.00152947434 N/A DFE N/A N 2 Citibank MBNUM2BPBDO7JBLYG310 1176073.66000000 USD 1617400.00000000 CAD 2026-04-15 -12726.19000000 N N N N/A N/A N/A 1.00000000 NC N/A -26962.05000000 -0.00324038567 N/A DFE N/A N 2 Toronto Dominion Bank PT3QB789TSUIDF371261 5323844.08000000 USD 4002800.00000000 GBP 2026-06-17 -26962.05000000 N N N N/A N/A N/A 1.00000000 NC N/A -6509.56000000 -0.00078233980 N/A DFE N/A N 2 Morgan Stanley & Co. International 4PQUHN3JPFGFNF3BB653 944063.50000000 USD 708500.00000000 GBP 2026-06-17 -6509.56000000 N N N DR Horton, Inc. 529900ZIUEYVSB8QDD25 23331A109 64600.00000000 NS USD 8864412.00000000 1.065353475218 Long EC CORP US N 1 N N N N/A N/A N/A 1.00000000 NC N/A 20313.78000000 0.002441375256 N/A DFE N/A N 2 Bank of America B4TYDEB6GKMZO031MB27 2233055.94000000 USD 1942700.00000000 EUR 2026-06-17 20313.78000000 N N N N/A N/A N/A 1.00000000 NC N/A 30756.91000000 0.003696464125 N/A DFE N/A N 2 Westpac Banking EN5TNI6CI43VEPAMHL14 1746100.00000000 CHF 2232921.56000000 USD 2026-06-17 30756.91000000 N N N Linde plc 5299003QR1WT0EF88V51 N/A 27300.00000000 NS USD 13534248.00000000 1.626589348652 Long EC CORP IE N 1 N N N 2026-04-30 Putnam Variable Trust Monica Krogh Monica Krogh Assistant Treasurer XXXX