# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0002071691-25-006510
**Filing Date:** 2025-11
**Character Count:** 42619
**Document Hash:** a040d32bd54e74e6ed8e745a8faef874
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-006510.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0002071691-25-006510

**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:** 251511899

**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 Small Cap Value Fund (Series ID: S000003888)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010871 | Class IA Shares |  |
| C000010872 | 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 Small Cap Value Fund

- **b. EDGAR series identifier (if any):** S000003888

- **c. LEI of Series:** PDOQ7DSJON4NJI51RN72

**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:** $120772895.84

**Total Liabilities:** $10788555.84

**Net Assets:** $109984340.00

**Cash Not Reported:** $18229.57

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010872 | -0.90%               | 9.15%                | -1.75%               |
| Class ID C000010871 | -0.87%               | 9.11%                | -1.71%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2164347.57              | $-3060635.58                               |
| Month 2  | $-289932.79              | $9676462.81                                |
| Month 3  | $1343724.80              | $-3434038.12                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Third Coast Bancshares, Inc.             | Third Coast Bancshares, Inc.               | CUSIP: 88422P109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23300 | NS      | $884701.00    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Holley, Inc.                             | Holley, Inc.                               | CUSIP: 43538H103<br>LEI: 254900EEM9JI9G1A4D88 | Long             | EC               | CORP              | US        |    414702 | NS      | $1302164.28   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Douglas Dynamics, Inc.                   | Douglas Dynamics, Inc.                     | CUSIP: 25960R105<br>LEI: 529900CDFLKNQ0QT6580 | Long             | EC               | CORP              | US        |     11300 | NS      | $353238.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Helen of Troy Ltd.                       | Helen of Troy Ltd.                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BM        |     32400 | NS      | $816480.00    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| MidWestOne Financial Group, Inc.         | MidWestOne Financial Group, Inc.           | CUSIP: 598511103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26395 | NS      | $746714.55    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Resideo Technologies, Inc.               | Resideo Technologies, Inc.                 | CUSIP: 76118Y104<br>LEI: 5493006TKFPYISY2DS54 | Long             | EC               | CORP              | US        |     37442 | NS      | $1616745.56   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Aviat Networks, Inc.                     | Aviat Networks, Inc.                       | CUSIP: 05366Y201<br>LEI: 549300Z3X8Z4MK52CI65 | Long             | EC               | CORP              | US        |     49778 | NS      | $1141409.54   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp.                  | Permian Resources Corp., Class A           | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |     78213 | NS      | $1001126.40   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| BioMarin Pharmaceutical, Inc.            | BioMarin Pharmaceutical, Inc.              | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |      9400 | NS      | $509104.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| RingCentral, Inc.                        | RingCentral, Inc., Class A                 | CUSIP: 76680R206<br>LEI: 549300C8EH0H1614VE84 | Long             | EC               | CORP              | US        |     32400 | NS      | $918216.00    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancorp, Inc. (The)                      | Bancorp, Inc. (The)                        | CUSIP: 05969A105<br>LEI: 894500FP2ICT1B019Y71 | Long             | EC               | CORP              | US        |     13240 | NS      | $991543.60    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Option Care Health, Inc.                 | Option Care Health, Inc.                   | CUSIP: 68404L201<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | EC               | CORP              | US        |     29300 | NS      | $813368.00    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| RadNet, Inc.                             | RadNet, Inc.                               | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |     14820 | NS      | $1129432.20   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Motor Products, Inc.            | Standard Motor Products, Inc.              | CUSIP: 853666105<br>LEI: THGK1EO5B5HK0JHQVZ90 | Long             | EC               | CORP              | US        |     37400 | NS      | $1526668.00   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank OZK                                 | Bank OZK                                   | CUSIP: 06417N103<br>LEI: 549300VYK2WBD7SST478 | Long             | EC               | CORP              | US        |     21000 | NS      | $1070580.00   | 0.97%             |  |  |  | No            |                  1 | On Loan: —       |
| Avidia Bancorp, Inc.                     | Avidia Bancorp, Inc.                       | CUSIP: 05369T100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22533 | NS      | $336643.02    | 0.31%             |  |  |  | No            |                  1 | On Loan: —       |
| Vishay Intertechnology, Inc.             | Vishay Intertechnology, Inc.               | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               | CORP              | US        |     68100 | NS      | $1041930.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynex Capital, Inc.                      | Dynex Capital, Inc.                        | CUSIP: 26817Q886<br>LEI: 5CIJ4S9HAEBWILA19B65 | Long             | EC               | CORP              | US        |     71500 | NS      | $878735.00    | 0.80%             |  |  |  | No            |                  1 | On Loan: —       |
| Putnam Cash Collateral Pool LLC          | Putnam Cash Collateral Pool LLC            | CUSIP: 99311N9A5<br>LEI: 5493005HRIV7IFMKD774 | Long             | STIV             | PF                | US        |  10563455 | NS      | $10563455.35  | 9.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Fluor Corp.                              | Fluor Corp.                                | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               | CORP              | US        |     16400 | NS      | $689948.00    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Mid Penn Bancorp, Inc.                   | Mid Penn Bancorp, Inc.                     | CUSIP: 59540G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33600 | NS      | $962304.00    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Taylor Morrison Home Corp.               | Taylor Morrison Home Corp., Class A        | CUSIP: 87724P106<br>LEI: 5299009UDLLGLKOOJE30 | Long             | EC               | CORP              | US        |     21200 | NS      | $1399412.00   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Walker & Dunlop, Inc.                    | Walker & Dunlop, Inc.                      | CUSIP: 93148P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17980 | NS      | $1503487.60   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Steven Madden Ltd.                       | Steven Madden Ltd.                         | CUSIP: 556269108<br>LEI: 549300Z9GZ7GYJWSGF43 | Long             | EC               | CORP              | US        |     33800 | NS      | $1131624.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Business First Bancshares, Inc.          | Business First Bancshares, Inc.            | CUSIP: 12326C105<br>LEI: 549300ILTC50KHDX4A08 | Long             | EC               | CORP              | US        |     45100 | NS      | $1064811.00   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Aramark                                  | Aramark                                    | CUSIP: 03852U106<br>LEI: 549300MR6PG2DWZUIL39 | Long             | EC               | CORP              | US        |     21500 | NS      | $825600.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: —       |
| Concentra Group Holdings Parent, Inc.    | Concentra Group Holdings Parent, Inc.      | CUSIP: 20603L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35300 | NS      | $738829.00    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| ICF International, Inc.                  | ICF International, Inc.                    | CUSIP: 44925C103<br>LEI: 5493003KYFDDC5B3WY64 | Long             | EC               | CORP              | US        |     11100 | NS      | $1030080.00   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Griffon Corp.                            | Griffon Corp.                              | CUSIP: 398433102<br>LEI: 5493000C2SGNC7ZN3242 | Long             | EC               | CORP              | US        |     12300 | NS      | $936645.00    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Bird Corp.                          | Blue Bird Corp.                            | CUSIP: 095306106<br>LEI: 5493004ZXJUUWQ65ER59 | Long             | EC               | CORP              | US        |     19700 | NS      | $1133735.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Terex Corp.                              | Terex Corp.                                | CUSIP: 880779103<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | EC               | CORP              | US        |     22900 | NS      | $1174770.00   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| LifeStance Health Group, Inc.            | LifeStance Health Group, Inc.              | CUSIP: 53228F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    211800 | NS      | $1164900.00   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Tronox Holdings plc                      | Tronox Holdings plc                        | CUSIP: N/A<br>LEI: 549300NRVC84SGJSXV06       | Long             | EC               | CORP              | GB        |    180700 | NS      | $726414.00    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Popular, Inc.                            | Popular, Inc.                              | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | PR        |      9900 | NS      | $1257399.00   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Janux Therapeutics, Inc.                 | Janux Therapeutics, Inc.                   | CUSIP: 47103J105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12746 | NS      | $311512.24    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| La-Z-Boy, Inc.                           | La-Z-Boy, Inc.                             | CUSIP: 505336107<br>LEI: 549300WNO1WMN9ZG2519 | Long             | EC               | CORP              | US        |     23700 | NS      | $813384.00    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Algonquin Power & Utilities Corp.        | Algonquin Power & Utilities Corp.          | CUSIP: 015857105<br>LEI: 549300K5VIUTJXQL7X75 | Long             | EC               | CORP              | CA        |    202300 | NS      | $1086351.00   | 0.99%             |  |  |  | No            |                  1 | On Loan: —       |
| Rithm Capital Corp.                      | Rithm Capital Corp.                        | CUSIP: 64828T201<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EC               | CORP              | US        |     99180 | NS      | $1129660.20   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultragenyx Pharmaceutical, Inc.          | Ultragenyx Pharmaceutical, Inc.            | CUSIP: 90400D108<br>LEI: 529900EV44GVDN1DCX77 | Long             | EC               | CORP              | US        |     22300 | NS      | $670784.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| H2O America                              | H2O America                                | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17100 | NS      | $832770.00    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntsman Corp.                           | Huntsman Corp.                             | CUSIP: 447011107<br>LEI: 5299000V56320A7RIQ67 | Long             | EC               | CORP              | US        |     63100 | NS      | $566638.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Codexis, Inc.                            | Codexis, Inc.                              | CUSIP: 192005106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    218900 | NS      | $534116.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB Financial Corp.                      | UMB Financial Corp.                        | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |      8800 | NS      | $1041480.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Horace Mann Educators Corp.              | Horace Mann Educators Corp.                | CUSIP: 440327104<br>LEI: 254900G5YAV3A2YK8T32 | Long             | EC               | CORP              | US        |     21800 | NS      | $984706.00    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyward Specialty Insurance Group, Inc.  | Skyward Specialty Insurance Group, Inc.    | CUSIP: 830940102<br>LEI: 549300GXGXJG0YH4VN21 | Long             | EC               | CORP              | US        |     11605 | NS      | $551933.80    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| NBT Bancorp, Inc.                        | NBT Bancorp, Inc.                          | CUSIP: 628778102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17700 | NS      | $739152.00    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Mattel, Inc.                             | Mattel, Inc.                               | CUSIP: 577081102<br>LEI: 549300VELLG24KHTJ564 | Long             | EC               | CORP              | US        |     54100 | NS      | $910503.00    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Coastal Financial Corp.                  | Coastal Financial Corp.                    | CUSIP: 19046P209<br>LEI: 549300XG5L36T6IU0B47 | Long             | EC               | CORP              | US        |     10670 | NS      | $1154173.90   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Axos Financial, Inc.                     | Axos Financial, Inc.                       | CUSIP: 05465C100<br>LEI: 529900D8M56422GK9O25 | Long             | EC               | CORP              | US        |     16300 | NS      | $1379795.00   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Arq, Inc.                                | Arq, Inc.                                  | CUSIP: 00770C101<br>LEI: 52990086HRJSW2EZQH40 | Long             | EC               | CORP              | US        |    153300 | NS      | $1097628.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DocGo, Inc.                              | DocGo, Inc.                                | CUSIP: 256086109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    145900 | NS      | $198424.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| McGraw Hill, Inc.                        | McGraw Hill, Inc.                          | CUSIP: 580907103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     52472 | NS      | $658523.60    | 0.60%             |  |  |  | No            |                  1 | On Loan: —       |
| Titan America SA                         | Titan America SA                           | CUSIP: N/A<br>LEI: 9845007APCB6462D6C46       | Long             | EC               | CORP              | BE        |     59808 | NS      | $893531.52    | 0.81%             |  |  |  | No            |                  1 | On Loan: —       |
| Magnolia Oil & Gas Corp.                 | Magnolia Oil & Gas Corp., Class A          | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27885 | NS      | $665614.95    | 0.61%             |  |  |  | No            |                  1 | On Loan: —       |
| MasterCraft Boat Holdings, Inc.          | MasterCraft Boat Holdings, Inc.            | CUSIP: 57637H103<br>LEI: 549300IXWX41555YJ117 | Long             | EC               | CORP              | US        |     50259 | NS      | $1078558.14   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Concentrix Corp.                         | Concentrix Corp.                           | CUSIP: 20602D101<br>LEI: 5493000EAJN1KMPVA737 | Long             | EC               | CORP              | US        |     20300 | NS      | $936845.00    | 0.85%             |  |  |  | No            |                  1 | On Loan: —       |
| ConnectOne Bancorp, Inc.                 | ConnectOne Bancorp, Inc.                   | CUSIP: 20786W107<br>LEI: 549300E2M5ZYAZKUK134 | Long             | EC               | CORP              | US        |     51509 | NS      | $1277938.29   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Ichor Holdings Ltd.                      | Ichor Holdings Ltd.                        | CUSIP: N/A<br>LEI: 529900PS8R2JVLJ2H892       | Long             | EC               | CORP              | KY        |     58909 | NS      | $1032085.68   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| SkyWest, Inc.                            | SkyWest, Inc.                              | CUSIP: 830879102<br>LEI: 529900UYS2KGS6Z42P09 | Long             | EC               | CORP              | US        |      7700 | NS      | $774774.00    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Ladder Capital Corp.                     | Ladder Capital Corp., Class A              | CUSIP: 505743104<br>LEI: 549300Q6LLV2QCV67C06 | Long             | EC               | CORP              | US        |     96012 | NS      | $1047490.92   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| MediaAlpha, Inc.                         | MediaAlpha, Inc., Class A                  | CUSIP: 58450V104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     84900 | NS      | $966162.00    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Unitil Corp.                             | Unitil Corp.                               | CUSIP: 913259107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12380 | NS      | $592506.80    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Resources Corp.                   | Antero Resources Corp.                     | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |     20700 | NS      | $694692.00    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Extreme Networks, Inc.                   | Extreme Networks, Inc.                     | CUSIP: 30226D106<br>LEI: 549300WRECW11X94UB57 | Long             | EC               | CORP              | US        |     51000 | NS      | $1053150.00   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpine Income Property Trust, Inc.       | Alpine Income Property Trust, Inc.         | CUSIP: 02083X103<br>LEI: 254900VQGUBS1J4C4N33 | Long             | EC               | CORP              | US        |     50369 | NS      | $713728.73    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Cavco Industries, Inc.                   | Cavco Industries, Inc.                     | CUSIP: 149568107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1900 | NS      | $1103387.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Perrigo Co. plc                          | Perrigo Co. plc                            | CUSIP: N/A<br>LEI: 549300IFOQS6R1QLY196       | Long             | EC               | CORP              | IE        |     50000 | NS      | $1113500.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Star Bancorp                        | Five Star Bancorp                          | CUSIP: 33830T103<br>LEI: 5493008ZRBIHKWC0JA73 | Long             | EC               | CORP              | US        |     38135 | NS      | $1227947.00   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Insteel Industries, Inc.                 | Insteel Industries, Inc.                   | CUSIP: 45774W108<br>LEI: 52990026LKY4MOX3L174 | Long             | EC               | CORP              | US        |     29200 | NS      | $1119528.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmark Group, Inc.                      | Newmark Group, Inc., Class A               | CUSIP: 65158N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     59800 | NS      | $1115270.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Steelcase, Inc.                          | Steelcase, Inc., Class A                   | CUSIP: 858155203<br>LEI: GIE4CCPBJDI8SMV1OX95 | Long             | EC               | CORP              | US        |     32400 | NS      | $557280.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Covenant Logistics Group, Inc.           | Covenant Logistics Group, Inc., Class A    | CUSIP: 22284P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     39700 | NS      | $859902.00    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Onity Group, Inc.                        | Onity Group, Inc.                          | CUSIP: 675746606<br>LEI: 549300DDD1YQ8EIAT278 | Long             | EC               | CORP              | US        |     19800 | NS      | $791208.00    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrim BanCorp, Inc.                   | Northrim BanCorp, Inc.                     | CUSIP: 666762109<br>LEI: 5493006X7RLLTZ3SG075 | Long             | EC               | CORP              | US        |     49600 | NS      | $1074336.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Sally Beauty Holdings, Inc.              | Sally Beauty Holdings, Inc.                | CUSIP: 79546E104<br>LEI: 529900VXW6E8ONDIQ271 | Long             | EC               | CORP              | US        |     84800 | NS      | $1380544.00   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Encore Capital Group, Inc.               | Encore Capital Group, Inc.                 | CUSIP: 292554102<br>LEI: 5493000UVC6H49CIH830 | Long             | EC               | CORP              | US        |     23800 | NS      | $993412.00    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| UMH Properties, Inc.                     | UMH Properties, Inc.                       | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EC               | CORP              | US        |     49500 | NS      | $735075.00    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Turning Point Brands, Inc.               | Turning Point Brands, Inc.                 | CUSIP: 90041L105<br>LEI: 549300IYG00QF0VVP302 | Long             | EC               | CORP              | US        |     10411 | NS      | $1029231.46   | 0.94%             |  |  |  | No            |                  1 | On Loan: —       |
| M/I Homes, Inc.                          | M/I Homes, Inc.                            | CUSIP: 55305B101<br>LEI: 5299005M71FH9CCSFB69 | Long             | EC               | CORP              | US        |      5800 | NS      | $837752.00    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Avidbank Holdings, Inc.                  | Avidbank Holdings, Inc.                    | CUSIP: 05368J103<br>LEI: 54930029UJ8M0B84EE44 | Long             | EC               | CORP              | US        |     36952 | NS      | $942276.00    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| IBEX Holdings Ltd.                       | IBEX Holdings Ltd.                         | CUSIP: N/A<br>LEI: 5493000GRFLPVYU2CX17       | Long             | EC               | CORP              | BM        |     34066 | NS      | $1380354.32   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Putnam Funds Trust                       | Putnam Short Term Investment Fund, Class P | CUSIP: 74676P664<br>LEI: 549300S9JYWEMKQCLW53 | Long             |  | RF                | US        |    793149 | NS      | $793148.89    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Abacus Global Management, Inc.           | Abacus Global Management, Inc.             | CUSIP: 00258Y104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    164200 | NS      | $940866.00    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| OFG Bancorp                              | OFG Bancorp                                | CUSIP: 67103X102<br>LEI: 549300Q4QEXJ37LEXQ06 | Long             | EC               | CORP              | PR        |     26800 | NS      | $1165532.00   | 1.06%             |  |  |  | No            |                  1 | On Loan: —       |
| Gates Industrial Corp. plc               | Gates Industrial Corp. plc                 | CUSIP: N/A<br>LEI: 549300S6K4FWUSB9KM27       | Long             | EC               | CORP              | GB        |     45818 | NS      | $1137202.76   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Quipt Home Medical Corp.                 | Quipt Home Medical Corp.                   | CUSIP: 74880P104<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    253200 | NS      | $660852.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: —       |
| O-I Glass, Inc.                          | O-I Glass, Inc.                            | CUSIP: 67098H104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     66000 | NS      | $856020.00    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Proficient Auto Logistics, Inc.          | Proficient Auto Logistics, Inc.            | CUSIP: 74317M104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    150090 | NS      | $1034120.10   | 0.94%             |  |  |  | No            |                  1 | On Loan: —       |
| Jefferson Capital, Inc.                  | Jefferson Capital, Inc.                    | CUSIP: 47248R103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     55022 | NS      | $949679.72    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Major Drilling Group International, Inc. | Major Drilling Group International, Inc.   | CUSIP: 560909103<br>LEI: 549300O1MNHCX2FUBC21 | Long             | EC               | CORP              | CA        |    133000 | NS      | $1112394.91   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AGNC Investment Corp.                    | AGNC Investment Corp.                      | CUSIP: 00123Q104<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EC               | CORP              | US        |     56800 | NS      | $556072.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: —       |
| Ardmore Shipping Corp.                   | Ardmore Shipping Corp.                     | CUSIP: N/A<br>LEI: 549300J8HD7K6BHD8O28       | Long             | EC               | CORP              | MH        |     79500 | NS      | $943665.00    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Realty Trust, Inc.            | Healthcare Realty Trust, Inc., Class A     | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               | CORP              | US        |     51600 | NS      | $930348.00    | 0.85%             |  |  |  | No            |                  1 | On Loan: —       |
| SouthState Bank Corp.                    | SouthState Bank Corp.                      | CUSIP: 84472E102<br>LEI: 549300JZUANXM0YQ4W53 | Long             | EC               | CORP              | US        |      9800 | NS      | $968926.00    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingevity Corp.                           | Ingevity Corp.                             | CUSIP: 45688C107<br>LEI: 5493009UTFC4B5IMGF87 | Long             | EC               | CORP              | US        |     17800 | NS      | $982382.00    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Perdoceo Education Corp.                 | Perdoceo Education Corp.                   | CUSIP: 71363P106<br>LEI: 529900X5PCA184O9LY90 | Long             | EC               | CORP              | US        |     37300 | NS      | $1404718.00   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadstone Net Lease, Inc.               | Broadstone Net Lease, Inc.                 | CUSIP: 11135E203<br>LEI: 549300U8D7PT70B49V21 | Long             | EC               | CORP              | US        |     54000 | NS      | $964980.00    | 0.88%             |  |  |  | No            |                  1 | On Loan: —       |
| Pitney Bowes, Inc.                       | Pitney Bowes, Inc.                         | CUSIP: 724479100<br>LEI: 549300N2O26NW4ST6W55 | Long             | EC               | CORP              | US        |    122600 | NS      | $1398866.00   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| American Healthcare REIT, Inc.           | American Healthcare REIT, Inc.             | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               | CORP              | US        |     21100 | NS      | $886411.00    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Chefs' Warehouse, Inc. (The)             | Chefs' Warehouse, Inc. (The)               | CUSIP: 163086101<br>LEI: 549300JYEDC8C547E980 | Long             | EC               | CORP              | US        |      7300 | NS      | $425809.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Portland General Electric Co.            | Portland General Electric Co.              | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |     18400 | NS      | $809600.00    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Leggett & Platt, Inc.                    | Leggett & Platt, Inc.                      | CUSIP: 524660107<br>LEI: DKOVQUCDW4ZLYCUD4T55 | Long             | EC               | CORP              | US        |    120100 | NS      | $1066488.00   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| AZZ, Inc.                                | AZZ, Inc.                                  | CUSIP: 002474104<br>LEI: 549300HD1X2NFLWPYC83 | Long             | EC               | CORP              | US        |      8500 | NS      | $927605.00    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Silgan Holdings, Inc.                    | Silgan Holdings, Inc.                      | CUSIP: 827048109<br>LEI: KAF673KJXD92C8KSLU49 | Long             | EC               | CORP              | US        |     17700 | NS      | $761277.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Tutor Perini Corp.                       | Tutor Perini Corp.                         | CUSIP: 901109108<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | EC               | CORP              | US        |     12400 | NS      | $813316.00    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Ribbon Communications, Inc.              | Ribbon Communications, Inc.                | CUSIP: 762544104<br>LEI: 549300L1E8Z8RL7CUL52 | Long             | EC               | CORP              | US        |    152168 | NS      | $578238.40    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Natural Resources, Inc.             | Core Natural Resources, Inc.               | CUSIP: 218937100<br>LEI: 549300YJCTPJBTK7IJ81 | Long             | EC               | CORP              | US        |     14800 | NS      | $1235504.00   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Unifi, Inc.                              | Unifi, Inc.                                | CUSIP: 904677200<br>LEI: 549300MW5LPO0M2LNO04 | Long             | EC               | CORP              | US        |     63239 | NS      | $301017.64    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| J Jill, Inc.                             | J Jill, Inc.                               | CUSIP: 46620W201<br>LEI: 529900I19PJIF8MIDL12 | Long             | EC               | CORP              | US        |     51107 | NS      | $876485.05    | 0.80%             |  |  |  | No            |                  1 | On Loan: —       |
| Valley National Bancorp                  | Valley National Bancorp                    | CUSIP: 919794107<br>LEI: 549300ET52S1UBIB9762 | Long             | EC               | CORP              | US        |    108800 | NS      | $1153280.00   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Camping World Holdings, Inc.             | Camping World Holdings, Inc., Class A      | CUSIP: 13462K109<br>LEI: 549300E828QQI7MWI432 | Long             | EC               | CORP              | US        |     74975 | NS      | $1183855.25   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group, Inc.             | Brixmor Property Group, Inc.               | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |     35600 | NS      | $985408.00    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Metropolitan Bank Holding Corp.          | Metropolitan Bank Holding Corp.            | CUSIP: 591774104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17420 | NS      | $1303364.40   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| V2X, Inc.                                | V2X, Inc.                                  | CUSIP: 92242T101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16395 | NS      | $952385.55    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| American Integrity Insurance Group, Inc. | American Integrity Insurance Group, Inc.   | CUSIP: 026948109<br>LEI: 529900Y2VOV2LYV4OK68 | Long             | EC               | CORP              | US        |     44256 | NS      | $987351.36    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| MiMedx Group, Inc.                       | MiMedx Group, Inc.                         | CUSIP: 602496101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    157700 | NS      | $1100746.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Veracyte, Inc.                           | Veracyte, Inc.                             | CUSIP: 92337F107<br>LEI: 529900ESWZRHXOW27Z37 | Long             | EC               | CORP              | US        |     40113 | NS      | $1377079.29   | 1.25%             |  |  |  | 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