# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0001752724-25-203442
**Filing Date:** 2025-8
**Character Count:** 37626
**Document Hash:** bf7a275bc6221ba1d06f7b604aed7b64
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-203442.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-203442

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**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:** 251253138

**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 Growth Fund (Series ID: S000003883)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010861 | Class IA Shares |  |
| C000010862 | 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 Growth Fund

- **b. EDGAR series identifier (if any):** S000003883

- **c. LEI of Series:** YW6EJ1M3RMPJSDI6CN88

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

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

- **b. Date as of which information is reported:** 2025-06-30

**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:** $36024256.67

**Total Liabilities:** $676256.09

**Net Assets:** $35348000.58

**Cash Not Reported:** $4166.72

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010862 | 2.93%                | 5.80%                | 4.40%                |
| Class ID C000010861 | 2.98%                | 5.80%                | 4.38%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-124528.08              | $1058008.07                                |
| Month 2  | $47342.07                | $1832228.38                                |
| Month 3  | $940413.24               | $565449.63                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Mirion Technologies, Inc.                 | Mirion Technologies, Inc., Class A           | CUSIP: 60471A101<br>LEI: 549300BNTOWVWFNVTJ65 | Long             | EC               | CORP              | US        |      4905 | NS      | $105604.65    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Brinker International, Inc.               | Brinker International, Inc.                  | CUSIP: 109641100<br>LEI: 52990067JY6PBGJNTG76 | Long             | EC               | CORP              | US        |       485 | NS      | $87460.05     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CBIZ, Inc.                                | CBIZ, Inc.                                   | CUSIP: 124805102<br>LEI: 529900D5X8CFM8O1N813 | Long             | EC               | CORP              | US        |       920 | NS      | $65973.20     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Madrigal Pharmaceuticals, Inc.            | Madrigal Pharmaceuticals, Inc.               | CUSIP: 558868105<br>LEI: 549300CHIMT2EUSNJB60 | Long             | EC               | CORP              | US        |       465 | NS      | $140727.60    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| AvePoint, Inc.                            | AvePoint, Inc.                               | CUSIP: 053604104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7360 | NS      | $142121.60    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Credo Technology Group Holding Ltd.       | Credo Technology Group Holding Ltd.          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KY        |      4665 | NS      | $431932.35    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Integer Holdings Corp.                    | Integer Holdings Corp.                       | CUSIP: 45826H109<br>LEI: 549300SUD2ED5XG6X569 | Long             | EC               | CORP              | US        |      2595 | NS      | $319107.15    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Doximity, Inc.                            | Doximity, Inc., Class A                      | CUSIP: 26622P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3805 | NS      | $233398.70    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancorp, Inc. (The)                       | Bancorp, Inc. (The)                          | CUSIP: 05969A105<br>LEI: 894500FP2ICT1B019Y71 | Long             | EC               | CORP              | US        |      8630 | NS      | $491651.10    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ's Wholesale Club Holdings, Inc.        | BJ's Wholesale Club Holdings, Inc.           | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |      1585 | NS      | $170910.55    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Grindr, Inc.                              | Grindr, Inc.                                 | CUSIP: 39854F101<br>LEI: 254900J9EDQSYT0ERQ67 | Long             | EC               | CORP              | US        |      5771 | NS      | $131001.70    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group, Inc.               | Kinsale Capital Group, Inc.                  | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |      1090 | NS      | $527451.00    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings, Inc.                    | Medpace Holdings, Inc.                       | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |       750 | NS      | $235395.00    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| RadNet, Inc.                              | RadNet, Inc.                                 | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |      4095 | NS      | $233046.45    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed, Inc.                              | Insmed, Inc.                                 | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |      4540 | NS      | $456905.60    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Rhythm Pharmaceuticals, Inc.              | Rhythm Pharmaceuticals, Inc.                 | CUSIP: 76243J105<br>LEI: 529900JPNWXQ8DPLA551 | Long             | EC               | CORP              | US        |      3305 | NS      | $208842.95    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Merit Medical Systems, Inc.               | Merit Medical Systems, Inc.                  | CUSIP: 589889104<br>LEI: 549300OYTY138SP2CE83 | Long             | EC               | CORP              | US        |      7180 | NS      | $671186.40    | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Lantheus Holdings, Inc.                   | Lantheus Holdings, Inc.                      | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |      2265 | NS      | $185412.90    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Blueprint Medicines Corp.                 | Blueprint Medicines Corp.                    | CUSIP: 09627Y109<br>LEI: 5299004CC60O9T5HVM83 | Long             | EC               | CORP              | US        |      1171 | NS      | $150098.78    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Hims & Hers Health, Inc.                  | Hims & Hers Health, Inc.                     | CUSIP: 433000106<br>LEI: 254900V041EIVTSB6D58 | Long             | EC               | CORP              | US        |      4955 | NS      | $247006.75    | 0.70%             |  |  |  | No            |                  1 | On Loan: —       |
| Leonardo DRS, Inc.                        | Leonardo DRS, Inc.                           | CUSIP: 52661A108<br>LEI: 549300HMMEWVG3PPQU18 | Long             | EC               | CORP              | US        |      7499 | NS      | $348553.52    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX Technologies, Inc.                    | SPX Technologies, Inc.                       | CUSIP: 78473E103<br>LEI: P761FCI0CPOG24I8JE10 | Long             | EC               | CORP              | US        |      2545 | NS      | $426745.60    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC Bearings, Inc.                        | RBC Bearings, Inc.                           | CUSIP: 75524B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1751 | NS      | $673784.80    | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| PROCEPT BioRobotics Corp.                 | PROCEPT BioRobotics Corp.                    | CUSIP: 74276L105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2762 | NS      | $159091.20    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Fabrinet                                  | Fabrinet                                     | CUSIP: N/A<br>LEI: 5493004TETZ6IYF7CV44       | Long             | EC               | CORP              | KY        |      1285 | NS      | $378663.80    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Kirby Corp.                               | Kirby Corp.                                  | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |      5116 | NS      | $580205.56    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Pegasystems, Inc.                         | Pegasystems, Inc.                            | CUSIP: 705573103<br>LEI: 549300FMCOKPL06FYN26 | Long             | EC               | CORP              | US        |      7120 | NS      | $385405.60    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Descartes Systems Group, Inc. (The)       | Descartes Systems Group, Inc. (The)          | CUSIP: 249906108<br>LEI: 875500NEPA7JI5EOMN45 | Long             | EC               | CORP              | CA        |      6410 | NS      | $651544.45    | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex, Inc.                              | Vertex, Inc., Class A                        | CUSIP: 92538J106<br>LEI: 549300QMYW171MP1PL50 | Long             | EC               | CORP              | US        |     17025 | NS      | $601578.38    | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Parsons Corp.                             | Parsons Corp.                                | CUSIP: 70202L102<br>LEI: 549300ZXH0VRBSEPX752 | Long             | EC               | CORP              | US        |      3565 | NS      | $255860.05    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Casella Waste Systems, Inc.               | Casella Waste Systems, Inc., Class A         | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |      4966 | NS      | $572977.08    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Putnam Cash Collateral Pool LLC           | Putnam Cash Collateral Pool LLC              | CUSIP: 99311N9A5<br>LEI: 5493005HRIV7IFMKD774 | Long             | STIV             | PF                | US        |    586200 | NS      | $586200.00    | 1.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Xenon Pharmaceuticals, Inc.               | Xenon Pharmaceuticals, Inc.                  | CUSIP: 98420N105<br>LEI: 549300XV44Q9Z1MIPQ03 | Long             | EC               | CORP              | CA        |      3176 | NS      | $99408.80     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Verra Mobility Corp.                      | Verra Mobility Corp., Class A                | CUSIP: 92511U102<br>LEI: 549300XX5EKGLR0M4152 | Long             | EC               | CORP              | US        |     14163 | NS      | $359598.57    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilysys, Inc.                            | Agilysys, Inc.                               | CUSIP: 00847J105<br>LEI: 5299001XWB5V3B5IPN93 | Long             | EC               | CORP              | US        |      3150 | NS      | $361116.00    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group, Inc. (The)                  | Ensign Group, Inc. (The)                     | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |      4220 | NS      | $650977.20    | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyward Specialty Insurance Group, Inc.   | Skyward Specialty Insurance Group, Inc.      | CUSIP: 830940102<br>LEI: 549300GXGXJG0YH4VN21 | Long             | EC               | CORP              | US        |     11285 | NS      | $652160.15    | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| VSE Corp.                                 | VSE Corp.                                    | CUSIP: 918284100<br>LEI: 549300QWJYQDH4U5XI15 | Long             | EC               | CORP              | US        |      4080 | NS      | $534398.40    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Loar Holdings, Inc.                       | Loar Holdings, Inc.                          | CUSIP: 53947R105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       815 | NS      | $70228.55     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Adtalem Global Education, Inc.            | Adtalem Global Education, Inc.               | CUSIP: 00737L103<br>LEI: 549300Z467EZLMODV621 | Long             | EC               | CORP              | US        |      1908 | NS      | $242754.84    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp.                    | Encompass Health Corp.                       | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |      7115 | NS      | $872512.45    | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Nova Ltd.                                 | Nova Ltd.                                    | CUSIP: N/A<br>LEI: 529900B2DSWE5V3SC292       | Long             | EC               | CORP              | IL        |      3045 | NS      | $837984.00    | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| JBT Marel Corp.                           | JBT Marel Corp.                              | CUSIP: 477839104<br>LEI: 5493007CT6ATBZ2L6826 | Long             | EC               | CORP              | US        |       415 | NS      | $49907.90     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Stride, Inc.                              | Stride, Inc.                                 | CUSIP: 86333M108<br>LEI: 254900BRWS3AFONWU277 | Long             | EC               | CORP              | US        |      3415 | NS      | $495823.85    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Signal Corp.                      | Federal Signal Corp.                         | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |      5070 | NS      | $539549.40    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Technologies, Inc.                    | UFP Technologies, Inc.                       | CUSIP: 902673102<br>LEI: 549300RJ8LY41HS70C91 | Long             | EC               | CORP              | US        |      1285 | NS      | $313745.60    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearwater Analytics Holdings, Inc.       | Clearwater Analytics Holdings, Inc., Class A | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8665 | NS      | $190023.45    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Clean Harbors, Inc.                       | Clean Harbors, Inc.                          | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |      1530 | NS      | $353705.40    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascendis Pharma A/S                       | Ascendis Pharma A/S                          | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |      1312 | NS      | $226451.20    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Ollie's Bargain Outlet Holdings, Inc.     | Ollie's Bargain Outlet Holdings, Inc.        | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |      1585 | NS      | $208871.30    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Knife River Corp.                         | Knife River Corp.                            | CUSIP: 498894104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5720 | NS      | $466980.80    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Verona Pharma plc                         | Verona Pharma plc                            | CUSIP: 925050106<br>LEI: 213800EVI6O6J3TIAL06 | Long             | EC               | CORP              | GB        |      8945 | NS      | $846018.10    | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Axsome Therapeutics, Inc.                 | Axsome Therapeutics, Inc.                    | CUSIP: 05464T104<br>LEI: 549300EXGR0XLRJEIB95 | Long             | EC               | CORP              | US        |      2325 | NS      | $242706.75    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| IES Holdings, Inc.                        | IES Holdings, Inc.                           | CUSIP: 44951W106<br>LEI: 549300687T8E6LN6EN72 | Long             | EC               | CORP              | US        |      1235 | NS      | $365844.05    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials, Inc.                     | Eagle Materials, Inc.                        | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |       865 | NS      | $174825.15    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ADMA Biologics, Inc.                      | ADMA Biologics, Inc.                         | CUSIP: 000899104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21305 | NS      | $387964.05    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BellRing Brands, Inc.                     | BellRing Brands, Inc.                        | CUSIP: 07831C103<br>LEI: 549300S3BOK5CMTS8054 | Long             | EC               | CORP              | US        |      6145 | NS      | $355979.85    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GeneDx Holdings Corp.                     | GeneDx Holdings Corp., Class A               | CUSIP: 81663L200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1560 | NS      | $144003.60    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CSW Industrials, Inc.                     | CSW Industrials, Inc.                        | CUSIP: 126402106<br>LEI: 549300SYOEO3RVQ7FB83 | Long             | EC               | CORP              | US        |       898 | NS      | $257573.34    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| StepStone Group, Inc.                     | StepStone Group, Inc., Class A               | CUSIP: 85914M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9485 | NS      | $526417.50    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstService Corp.                        | FirstService Corp.                           | CUSIP: 33767E202<br>LEI: 5493000XUDIV75BCF118 | Long             | EC               | CORP              | CA        |      2050 | NS      | $357731.96    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Planet Fitness, Inc.                      | Planet Fitness, Inc., Class A                | CUSIP: 72703H101<br>LEI: 549300LLE5HUPF6H8G33 | Long             | EC               | CORP              | US        |      3300 | NS      | $359865.00    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Camtek Ltd.                               | Camtek Ltd.                                  | CUSIP: N/A<br>LEI: 5493000H80W07HCKGS43       | Long             | EC               | CORP              | IL        |      4400 | NS      | $372064.00    | 1.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Patrick Industries, Inc.                  | Patrick Industries, Inc.                     | CUSIP: 703343103<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | EC               | CORP              | US        |      2177 | NS      | $200871.79    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Installed Building Products, Inc.         | Installed Building Products, Inc.            | CUSIP: 45780R101<br>LEI: 549300I95Y9P9YM5FI86 | Long             | EC               | CORP              | US        |      1820 | NS      | $328182.40    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Itron, Inc.                               | Itron, Inc.                                  | CUSIP: 465741106<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | EC               | CORP              | US        |      4805 | NS      | $632482.15    | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| CES Energy Solutions Corp.                | CES Energy Solutions Corp.                   | CUSIP: 15713J104<br>LEI: 984500NF54914EB1B646 | Long             | EC               | CORP              | CA        |     40570 | NS      | $197524.58    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Construction Partners, Inc.               | Construction Partners, Inc., Class A         | CUSIP: 21044C107<br>LEI: 549300MHLFL4E8JLZU44 | Long             | EC               | CORP              | US        |      3995 | NS      | $424588.60    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings, Inc.                  | Boot Barn Holdings, Inc.                     | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |      2445 | NS      | $371640.00    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Intapp, Inc.                              | Intapp, Inc.                                 | CUSIP: 45827U109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3309 | NS      | $170810.58    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| ACI Worldwide, Inc.                       | ACI Worldwide, Inc.                          | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               | CORP              | US        |     12530 | NS      | $575252.30    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Huron Consulting Group, Inc.              | Huron Consulting Group, Inc.                 | CUSIP: 447462102<br>LEI: 549300NGVB9H6TKTLE36 | Long             | EC               | CORP              | US        |      5080 | NS      | $698703.20    | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Putnam Funds Trust                        | Putnam Short Term Investment Fund, Class P   | CUSIP: 74676P664<br>LEI: 549300S9JYWEMKQCLW53 | Long             |  | RF                | US        |    801010 | NS      | $801009.67    | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Perella Weinberg Partners                 | Perella Weinberg Partners, Class A           | CUSIP: 71367G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9885 | NS      | $191966.70    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridgebio Pharma, Inc.                    | Bridgebio Pharma, Inc.                       | CUSIP: 10806X102<br>LEI: 54930028YG89VTY2J114 | Long             | EC               | CORP              | US        |      2350 | NS      | $101473.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Energy Industries, Inc.          | Advanced Energy Industries, Inc.             | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               | CORP              | US        |      1970 | NS      | $261025.00    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Rocket Lab Corp.                          | Rocket Lab Corp.                             | CUSIP: 773121108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7305 | NS      | $261299.85    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA, Inc.                 | Comfort Systems USA, Inc.                    | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |      1545 | NS      | $828444.45    | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Halozyme Therapeutics, Inc.               | Halozyme Therapeutics, Inc.                  | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |      6505 | NS      | $338390.10    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Badger Meter, Inc.                        | Badger Meter, Inc.                           | CUSIP: 056525108<br>LEI: 5493002JENE20OGTUG20 | Long             | EC               | CORP              | US        |       245 | NS      | $60012.75     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Varonis Systems, Inc.                     | Varonis Systems, Inc., Class B               | CUSIP: 922280102<br>LEI: 549300SHIVNRRH7STS26 | Long             | EC               | CORP              | US        |      1725 | NS      | $87543.75     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy USA, Inc.                          | Murphy USA, Inc.                             | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               | CORP              | US        |      1260 | NS      | $512568.00    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Centrus Energy Corp.                      | Centrus Energy Corp., Class A                | CUSIP: 15643U104<br>LEI: 549300G6VDK9G8276661 | Long             | EC               | CORP              | US        |       685 | NS      | $125478.30    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Mr. Cooper Group, Inc.                    | Mr. Cooper Group, Inc.                       | CUSIP: 62482R107<br>LEI: 549300KD8C6DPXYC2M26 | Long             | EC               | CORP              | US        |      1560 | NS      | $232767.60    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Carpenter Technology Corp.                | Carpenter Technology Corp.                   | CUSIP: 144285103<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | EC               | CORP              | US        |      3233 | NS      | $893536.54    | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| SiTime Corp.                              | SiTime Corp.                                 | CUSIP: 82982T106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       675 | NS      | $143829.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Enova International, Inc.                 | Enova International, Inc.                    | CUSIP: 29357K103<br>LEI: 549300O8XOCQSB49UO63 | Long             | EC               | CORP              | US        |      1968 | NS      | $219471.36    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Commvault Systems, Inc.                   | Commvault Systems, Inc.                      | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |      1765 | NS      | $307692.45    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Aritzia, Inc.                             | Aritzia, Inc.                                | CUSIP: 04045U102<br>LEI: 549300U83HKFRL1EX527 | Long             | EC               | CORP              | CA        |      6090 | NS      | $315512.76    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Q2 Holdings, Inc.                         | Q2 Holdings, Inc.                            | CUSIP: 74736L109<br>LEI: 549300M9RKR9DZXWS696 | Long             | EC               | CORP              | US        |      4665 | NS      | $436597.35    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Roadhouse, Inc.                     | Texas Roadhouse, Inc., Class A               | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |      3085 | NS      | $578159.85    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Crane Co.                                 | Crane Co.                                    | CUSIP: 224408104<br>LEI: 5493000CQRQOTHUODL75 | Long             | EC               | CORP              | US        |      1825 | NS      | $346549.25    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Archrock, Inc.                            | Archrock, Inc.                               | CUSIP: 03957W106<br>LEI: 549300K3RIHMHDVFTL28 | Long             | EC               | CORP              | US        |      9530 | NS      | $236629.90    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprouts Farmers Market, Inc.              | Sprouts Farmers Market, Inc.                 | CUSIP: 85208M102<br>LEI: 529900P8F4G77Q52XE24 | Long             | EC               | CORP              | US        |       137 | NS      | $22555.68     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Vericel Corp.                             | Vericel Corp.                                | CUSIP: 92346J108<br>LEI: 54930076YM3PLTDR4B91 | Long             | EC               | CORP              | US        |      2533 | NS      | $107779.15    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Rambus, Inc.                              | Rambus, Inc.                                 | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |      2755 | NS      | $176375.10    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd.                        | FTAI Aviation Ltd.                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KY        |      2165 | NS      | $249061.60    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Colliers International Group, Inc.        | Colliers International Group, Inc.           | CUSIP: 194693107<br>LEI: D3O8K13PHLEXXD1DT480 | Long             | EC               | CORP              | CA        |      2300 | NS      | $300929.69    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Dycom Industries, Inc.                    | Dycom Industries, Inc.                       | CUSIP: 267475101<br>LEI: 549300F56EKTHQI3WT60 | Long             | EC               | CORP              | US        |      1815 | NS      | $443567.85    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Kratos Defense & Security Solutions, Inc. | Kratos Defense & Security Solutions, Inc.    | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |     11315 | NS      | $525581.75    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Industrial Technologies, Inc.     | Applied Industrial Technologies, Inc.        | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |      2249 | NS      | $522780.05    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

**Name of Applicant:** Putnam Variable Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer