# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0002071691-26-012264
**Filing Date:** 2026-5
**Character Count:** 36940
**Document Hash:** 13469f916c0551724793ae169d186d40
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-012264.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0002071691-26-012264

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260527

**DATE AS OF CHANGE**: 20260527

**PERIOD START**: 20261231

**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:** 261024658

**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:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $38813622.88

**Total Liabilities:** $1594220.83

**Net Assets:** $37219402.05

**Cash Not Reported:** $0.09

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010862 | 4.78%                | 1.90%                | -6.53%               |
| Class ID C000010861 | 4.77%                | 1.96%                | -6.53%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $231620.04               | $1568440.92                                |
| Month 2  | $-122509.97              | $922449.00                                 |
| Month 3  | $-97847.71               | $-2512116.14                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| InterDigital, Inc.                        | InterDigital, Inc.                           | CUSIP: 45867G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       869 | NS      | $262438.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirion Technologies, Inc.                 | Mirion Technologies, Inc., Class A           | CUSIP: 60471A101<br>LEI: 549300BNTOWVWFNVTJ65 | Long             | EC               | CORP              | US        |      9781 | NS      | $181828.79    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstCash Holdings, Inc.                  | FirstCash Holdings, Inc.                     | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1530 | NS      | $287640.00    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Madrigal Pharmaceuticals, Inc.            | Madrigal Pharmaceuticals, Inc.               | CUSIP: 558868105<br>LEI: 549300CHIMT2EUSNJB60 | Long             | EC               | CORP              | US        |       560 | NS      | $293143.20    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Bloom Energy Corp.                        | Bloom Energy Corp., Class A                  | CUSIP: 093712107<br>LEI: 549300XB5J9BFW5JXV97 | Long             | EC               | CORP              | US        |      6450 | NS      | $873910.50    | 2.35%             |  |  |  | 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        |      4290 | NS      | $402702.30    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| PriceSmart, Inc.                          | PriceSmart, Inc.                             | CUSIP: 741511109<br>LEI: 549300JVYOSTGVSDZS46 | Long             | EC               | CORP              | US        |       865 | NS      | $130182.50    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Kymera Therapeutics, Inc.                 | Kymera Therapeutics, Inc.                    | CUSIP: 501575104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2865 | NS      | $238625.85    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancorp, Inc. (The)                       | Bancorp, Inc. (The)                          | CUSIP: 05969A105<br>LEI: 894500FP2ICT1B019Y71 | Long             | EC               | CORP              | US        |      5375 | NS      | $288798.75    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Semtech Corp.                             | Semtech Corp.                                | CUSIP: 816850101<br>LEI: 549300J7WUY317SW6O61 | Long             | EC               | CORP              | US        |      2875 | NS      | $221058.75    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group, Inc.               | Kinsale Capital Group, Inc.                  | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |       530 | NS      | $181079.80    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings, Inc.                    | Medpace Holdings, Inc.                       | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |      1115 | NS      | $535411.85    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| RadNet, Inc.                              | RadNet, Inc.                                 | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |      4225 | NS      | $236135.25    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed, Inc.                              | Insmed, Inc.                                 | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |      1910 | NS      | $312323.20    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Solaris Energy Infrastructure, Inc.       | Solaris Energy Infrastructure, Inc., Class A | CUSIP: 83418M103<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | EC               | CORP              | US        |      2910 | NS      | $164444.10    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Rhythm Pharmaceuticals, Inc.              | Rhythm Pharmaceuticals, Inc.                 | CUSIP: 76243J105<br>LEI: 529900JPNWXQ8DPLA551 | Long             | EC               | CORP              | US        |      3605 | NS      | $313526.85    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Kodiak Gas Services, Inc.                 | Kodiak Gas Services, Inc.                    | CUSIP: 50012A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3185 | NS      | $185749.20    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Tarsus Pharmaceuticals, Inc.              | Tarsus Pharmaceuticals, Inc.                 | CUSIP: 87650L103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1815 | NS      | $127322.25    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Merit Medical Systems, Inc.               | Merit Medical Systems, Inc.                  | CUSIP: 589889104<br>LEI: 549300OYTY138SP2CE83 | Long             | EC               | CORP              | US        |      2390 | NS      | $164742.70    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Establishment Labs Holdings, Inc.         | Establishment Labs Holdings, Inc.            | CUSIP: N/A<br>LEI: 549300BCBQ714JNJ7V58       | Long             | EC               | CORP              | VG        |      2095 | NS      | $118954.10    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Fuels, Inc.                        | Energy Fuels, Inc.                           | CUSIP: 292671708<br>LEI: 529900P0GCATXMGK8I62 | Long             | EC               | CORP              | CA        |      9320 | NS      | $170090.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Digital Corp.                     | Applied Digital Corp.                        | CUSIP: 038169207<br>LEI: 2549004NE2B6RYXINZ02 | Long             | EC               | CORP              | US        |      8135 | NS      | $193124.90    | 0.52%             |  |  |  | No            |                  1 | On Loan: —       |
| Nextpower, Inc.                           | Nextpower, Inc., Class A                     | CUSIP: 65290E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1365 | NS      | $164550.75    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Putnam Cash Collateral Pool LLC           | Putnam Cash Collateral Pool LLC              | CUSIP: 99311N9A5<br>LEI: 5493005HRIV7IFMKD774 | Long             | STIV             | PF                | US        |   1504150 | NS      | $1504150.00   | 4.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Lumentum Holdings, Inc.                   | Lumentum Holdings, Inc.                      | CUSIP: 55024U109<br>LEI: 549300JLWRRC38DWEF52 | Long             | EC               | CORP              | US        |        90 | NS      | $63248.40     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Dave, Inc.                                | Dave, Inc.                                   | CUSIP: 23834J201<br>LEI: 25490061SUVXCW51RZ82 | Long             | EC               | CORP              | US        |      1115 | NS      | $194110.35    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX Technologies, Inc.                    | SPX Technologies, Inc.                       | CUSIP: 78473E103<br>LEI: P761FCI0CPOG24I8JE10 | Long             | EC               | CORP              | US        |      3237 | NS      | $647205.78    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC Bearings, Inc.                        | RBC Bearings, Inc.                           | CUSIP: 75524B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1881 | NS      | $1021608.72   | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Fabrinet                                  | Fabrinet                                     | CUSIP: N/A<br>LEI: 5493004TETZ6IYF7CV44       | Long             | EC               | CORP              | KY        |      1530 | NS      | $797925.60    | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Viavi Solutions, Inc.                     | Viavi Solutions, Inc.                        | CUSIP: 925550105<br>LEI: 5493006K3E3N1QOBF092 | Long             | EC               | CORP              | US        |     10575 | NS      | $351936.00    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Descartes Systems Group, Inc. (The)       | Descartes Systems Group, Inc. (The)          | CUSIP: 249906108<br>LEI: 875500NEPA7JI5EOMN45 | Long             | EC               | CORP              | CA        |      4980 | NS      | $356368.80    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Casella Waste Systems, Inc.               | Casella Waste Systems, Inc., Class A         | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |      2046 | NS      | $162329.64    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Legence Corp.                             | Legence Corp., Class A                       | CUSIP: 52476L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6633 | NS      | $374499.18    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Xenon Pharmaceuticals, Inc.               | Xenon Pharmaceuticals, Inc.                  | CUSIP: 98420N105<br>LEI: 549300XV44Q9Z1MIPQ03 | Long             | EC               | CORP              | CA        |      4906 | NS      | $285283.90    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury Systems, Inc.                     | Mercury Systems, Inc.                        | CUSIP: 589378108<br>LEI: 549300P3B84SGK7HH679 | Long             | EC               | CORP              | US        |      3115 | NS      | $227114.65    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilysys, Inc.                            | Agilysys, Inc.                               | CUSIP: 00847J105<br>LEI: 5299001XWB5V3B5IPN93 | Long             | EC               | CORP              | US        |      2975 | NS      | $211641.50    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group, Inc. (The)                  | Ensign Group, Inc. (The)                     | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |      4215 | NS      | $849322.50    | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuvalent, Inc.                            | Nuvalent, Inc., Class A                      | CUSIP: 670703107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1926 | NS      | $197318.70    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| VSE Corp.                                 | VSE Corp.                                    | CUSIP: 918284100<br>LEI: 549300QWJYQDH4U5XI15 | Long             | EC               | CORP              | US        |      3480 | NS      | $641712.00    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Axos Financial, Inc.                      | Axos Financial, Inc.                         | CUSIP: 05465C100<br>LEI: 529900D8M56422GK9O25 | Long             | EC               | CORP              | US        |      4260 | NS      | $362483.40    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Covista, Inc.                             | Covista, Inc.                                | CUSIP: 00737L103<br>LEI: 549300Z467EZLMODV621 | Long             | EC               | CORP              | US        |      4752 | NS      | $547668.00    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp.                    | Encompass Health Corp.                       | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |      6261 | NS      | $605626.53    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Nova Ltd.                                 | Nova Ltd.                                    | CUSIP: N/A<br>LEI: 529900B2DSWE5V3SC292       | Long             | EC               | CORP              | IL        |      2715 | NS      | $1179070.20   | 3.17%             |  |  |  | No            |                  1 | On Loan: —       |
| JBT Marel Corp.                           | JBT Marel Corp.                              | CUSIP: 477839104<br>LEI: 5493007CT6ATBZ2L6826 | Long             | EC               | CORP              | US        |      1845 | NS      | $235920.15    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Signal Corp.                      | Federal Signal Corp.                         | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |      4837 | NS      | $523073.18    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Technologies, Inc.                    | UFP Technologies, Inc.                       | CUSIP: 902673102<br>LEI: 549300RJ8LY41HS70C91 | Long             | EC               | CORP              | US        |       651 | NS      | $126033.60    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| CG oncology, Inc.                         | CG oncology, Inc.                            | CUSIP: 156944100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2370 | NS      | $160401.60    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Coeur Mining, Inc.                        | Coeur Mining, Inc.                           | CUSIP: 192108504<br>LEI: 5493003AVK173D48DR70 | Long             | EC               | CORP              | US        |     21485 | NS      | $403273.45    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascendis Pharma A/S                       | Ascendis Pharma A/S                          | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |      1372 | NS      | $313817.56    | 0.84%             |  |  |  | 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        |      2535 | NS      | $233321.40    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Axsome Therapeutics, Inc.                 | Axsome Therapeutics, Inc.                    | CUSIP: 05464T104<br>LEI: 549300EXGR0XLRJEIB95 | Long             | EC               | CORP              | US        |      2325 | NS      | $392971.50    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| IES Holdings, Inc.                        | IES Holdings, Inc.                           | CUSIP: 44951W106<br>LEI: 549300687T8E6LN6EN72 | Long             | EC               | CORP              | US        |      1380 | NS      | $657528.60    | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| ADMA Biologics, Inc.                      | ADMA Biologics, Inc.                         | CUSIP: 000899104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19935 | NS      | $179614.35    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Blueprint Medicines Corp.                 | Blueprint Medicines Corp., CVR               | CUSIP: 096CVR048<br>LEI: 5299004CC60O9T5HVM83 | Long             |  | CORP              | US        |       961 | NS      | $442.06       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Cavco Industries, Inc.                    | Cavco Industries, Inc.                       | CUSIP: 149568107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       450 | NS      | $217930.50    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| GeneDx Holdings Corp.                     | GeneDx Holdings Corp., Class A               | CUSIP: 81663L200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3115 | NS      | $200045.30    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| StepStone Group, Inc.                     | StepStone Group, Inc., Class A               | CUSIP: 85914M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8705 | NS      | $415402.60    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Optoelectronics, Inc.             | Applied Optoelectronics, Inc.                | CUSIP: 03823U102<br>LEI: 529900I8U6Q5SYDNLT48 | Long             | EC               | CORP              | US        |       420 | NS      | $35527.80     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Piper Sandler Cos.                        | Piper Sandler Cos.                           | CUSIP: 724078209<br>LEI: QUQDBTUSOAKFEVMRMF78 | Long             | EC               | CORP              | US        |      4300 | NS      | $329165.00    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Camtek Ltd.                               | Camtek Ltd.                                  | CUSIP: N/A<br>LEI: 5493000H80W07HCKGS43       | Long             | EC               | CORP              | IL        |      2450 | NS      | $371444.50    | 1.00%             |  |  |  | No            |                  1 | On Loan: —       |
| Patrick Industries, Inc.                  | Patrick Industries, Inc.                     | CUSIP: 703343103<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | EC               | CORP              | US        |      4747 | NS      | $527249.29    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrowhead Pharmaceuticals, Inc.           | Arrowhead Pharmaceuticals, Inc.              | CUSIP: 04280A100<br>LEI: 549300O3CSB8T7OZ3D66 | Long             | EC               | CORP              | US        |      2705 | NS      | $169603.50    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Installed Building Products, Inc.         | Installed Building Products, Inc.            | CUSIP: 45780R101<br>LEI: 549300I95Y9P9YM5FI86 | Long             | EC               | CORP              | US        |      1910 | NS      | $506436.50    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| CES Energy Solutions Corp.                | CES Energy Solutions Corp.                   | CUSIP: 15713J104<br>LEI: 984500NF54914EB1B646 | Long             | EC               | CORP              | CA        |     26604 | NS      | $352080.83    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Construction Partners, Inc.               | Construction Partners, Inc., Class A         | CUSIP: 21044C107<br>LEI: 549300MHLFL4E8JLZU44 | Long             | EC               | CORP              | US        |      5090 | NS      | $565600.80    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| CECO Environmental Corp.                  | CECO Environmental Corp.                     | CUSIP: 125141101<br>LEI: 5493002CZCTL4HGLIY91 | Long             | EC               | CORP              | US        |      1205 | NS      | $71793.90     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BrightSpring Health Services, Inc.        | BrightSpring Health Services, Inc.           | CUSIP: 10950A106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9655 | NS      | $411399.55    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings, Inc.                  | Boot Barn Holdings, Inc.                     | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |      3255 | NS      | $476401.80    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ACI Worldwide, Inc.                       | ACI Worldwide, Inc.                          | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               | CORP              | US        |     11890 | NS      | $487608.90    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Huron Consulting Group, Inc.              | Huron Consulting Group, Inc.                 | CUSIP: 447462102<br>LEI: 549300NGVB9H6TKTLE36 | Long             | EC               | CORP              | US        |      5540 | NS      | $706294.60    | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Onto Innovation, Inc.                     | Onto Innovation, Inc.                        | CUSIP: 683344105<br>LEI: 254900RXZVN73CHOO062 | Long             | EC               | CORP              | US        |       395 | NS      | $81002.65     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Putnam Short Term Investment Fund         | Putnam Short Term Investment Fund, Class P   | CUSIP: 74676P664<br>LEI: 549300S9JYWEMKQCLW53 | Long             |  | RF                | US        |    734564 | NS      | $734563.90    | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Perella Weinberg Partners                 | Perella Weinberg Partners, Class A           | CUSIP: 71367G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10715 | NS      | $194584.40    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridgebio Pharma, Inc.                    | Bridgebio Pharma, Inc.                       | CUSIP: 10806X102<br>LEI: 54930028YG89VTY2J114 | Long             | EC               | CORP              | US        |      5580 | NS      | $414370.80    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Energy Industries, Inc.          | Advanced Energy Industries, Inc.             | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               | CORP              | US        |      3922 | NS      | $1265668.62   | 3.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Terawulf, Inc.                            | Terawulf, Inc.                               | CUSIP: 88080T104<br>LEI: 254900CVMW1SX2T78A64 | Long             | EC               | CORP              | US        |      3920 | NS      | $56565.60     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Rocket Lab Corp.                          | Rocket Lab Corp.                             | CUSIP: 773121108<br>LEI: 254900LNRW7906KUMM93 | Long             | EC               | CORP              | US        |      2760 | NS      | $177247.20    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA, Inc.                 | Comfort Systems USA, Inc.                    | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |       870 | NS      | $1199721.30   | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Bel Fuse, Inc.                            | Bel Fuse, Inc., Class B                      | CUSIP: 077347300<br>LEI: 2549009L4XYDBRRY6X39 | Long             | EC               | CORP              | US        |       715 | NS      | $141555.70    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Modine Manufacturing Co.                  | Modine Manufacturing Co.                     | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |      1085 | NS      | $235130.35    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Halozyme Therapeutics, Inc.               | Halozyme Therapeutics, Inc.                  | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |      7580 | NS      | $489895.40    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalOcean Holdings, Inc.               | DigitalOcean Holdings, Inc.                  | CUSIP: 25402D102<br>LEI: 549300EPISPY3RE3DL21 | Long             | EC               | CORP              | US        |      7400 | NS      | $634772.00    | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| FormFactor, Inc.                          | FormFactor, Inc.                             | CUSIP: 346375108<br>LEI: 549300YCEEO6SZD1ZR61 | Long             | EC               | CORP              | US        |      4040 | NS      | $391839.60    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| IRhythm Holdings, Inc.                    | IRhythm Holdings, Inc.                       | CUSIP: 450056106<br>LEI: 549300FJI72RJGDQS384 | Long             | EC               | CORP              | US        |       875 | NS      | $103267.50    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Sterling Infrastructure, Inc.             | Sterling Infrastructure, Inc.                | CUSIP: 859241101<br>LEI: 549300RZIK6K1215XU51 | Long             | EC               | CORP              | US        |       585 | NS      | $238252.95    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Carpenter Technology Corp.                | Carpenter Technology Corp.                   | CUSIP: 144285103<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | EC               | CORP              | US        |      2798 | NS      | $1102831.70   | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| SiTime Corp.                              | SiTime Corp.                                 | CUSIP: 82982T106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1005 | NS      | $347076.75    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardant Health, Inc.                     | Guardant Health, Inc.                        | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |      4025 | NS      | $371789.25    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Enova International, Inc.                 | Enova International, Inc.                    | CUSIP: 29357K103<br>LEI: 549300O8XOCQSB49UO63 | Long             | EC               | CORP              | US        |      4003 | NS      | $543727.49    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Aritzia, Inc.                             | Aritzia, Inc.                                | CUSIP: 04045U102<br>LEI: 549300U83HKFRL1EX527 | Long             | EC               | CORP              | CA        |      7720 | NS      | $629986.63    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Roadhouse, Inc.                     | Texas Roadhouse, Inc., Class A               | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |      1025 | NS      | $169268.50    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Crane Co.                                 | Crane Co.                                    | CUSIP: 224408104<br>LEI: 5493000CQRQOTHUODL75 | Long             | EC               | CORP              | US        |      2895 | NS      | $495045.00    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Archrock, Inc.                            | Archrock, Inc.                               | CUSIP: 03957W106<br>LEI: 549300K3RIHMHDVFTL28 | Long             | EC               | CORP              | US        |     17163 | NS      | $597272.40    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Rambus, Inc.                              | Rambus, Inc.                                 | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |      2035 | NS      | $175071.05    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd.                        | FTAI Aviation Ltd.                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KY        |      1400 | NS      | $343000.00    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Colliers International Group, Inc.        | Colliers International Group, Inc.           | CUSIP: 194693107<br>LEI: D3O8K13PHLEXXD1DT480 | Long             | EC               | CORP              | CA        |      3330 | NS      | $356028.25    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Dycom Industries, Inc.                    | Dycom Industries, Inc.                       | CUSIP: 267475101<br>LEI: 549300F56EKTHQI3WT60 | Long             | EC               | CORP              | US        |      1575 | NS      | $533641.50    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Kratos Defense & Security Solutions, Inc. | Kratos Defense & Security Solutions, Inc.    | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |      6795 | NS      | $479115.45    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Industrial Technologies, Inc.     | Applied Industrial Technologies, Inc.        | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |      2259 | NS      | $599357.88    | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

**Name of Applicant:** Putnam Variable Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer