# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0002071691-26-012208
**Filing Date:** 2026-5
**Character Count:** 44206
**Document Hash:** 178c3d911ad86edbab987da4953c9aa1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-012208.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0002071691-26-012208

**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:** 261024564

**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:** 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:** $107982357.22

**Total Liabilities:** $2475339.60

**Net Assets:** $105507017.62

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010872 | 5.37%                | 2.19%                | -5.82%               |
| Class ID C000010871 | 5.41%                | 2.22%                | -5.76%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $873347.19               | $4933663.71                                |
| Month 2  | $73032.76                | $2268174.63                                |
| Month 3  | $797396.12               | $-7623754.01                               |

### 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: 254900LW0YOTBYSQCK19 | Long             | EC               | CORP              | US        |     24400 | NS      | $923052.00    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Holley, Inc.                             | Holley, Inc.                               | CUSIP: 43538H103<br>LEI: 254900EEM9JI9G1A4D88 | Long             | EC               | CORP              | US        |    379273 | NS      | $1164368.11   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| NewtekOne, Inc.                          | NewtekOne, Inc.                            | CUSIP: 652526203<br>LEI: 549300YLU78IA8GKJ688 | Long             | EC               | CORP              | US        |     67599 | NS      | $740209.05    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Oxford Industries, Inc.                  | Oxford Industries, Inc.                    | CUSIP: 691497309<br>LEI: IDZ20O0XD3GS4UOI2L88 | Long             | EC               | CORP              | US        |     15000 | NS      | $577650.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: —       |
| Aviat Networks, Inc.                     | Aviat Networks, Inc.                       | CUSIP: 05366Y201<br>LEI: 549300Z3X8Z4MK52CI65 | Long             | EC               | CORP              | US        |     48378 | NS      | $1093826.58   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp.                  | Permian Resources Corp., Class A           | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |     71513 | NS      | $1524657.16   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| BioMarin Pharmaceutical, Inc.            | BioMarin Pharmaceutical, Inc.              | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |     11100 | NS      | $627039.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| NWPX Infrastructure, Inc.                | NWPX Infrastructure, Inc.                  | CUSIP: 667746101<br>LEI: 54930056VW2CRCZ9RE54 | Long             | EC               | CORP              | US        |     14200 | NS      | $1105612.00   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| RingCentral, Inc.                        | RingCentral, Inc., Class A                 | CUSIP: 76680R206<br>LEI: 549300C8EH0H1614VE84 | Long             | EC               | CORP              | US        |     30900 | NS      | $1149171.00   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancorp, Inc. (The)                      | Bancorp, Inc. (The)                        | CUSIP: 05969A105<br>LEI: 894500FP2ICT1B019Y71 | Long             | EC               | CORP              | US        |     10440 | NS      | $560941.20    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Option Care Health, Inc.                 | Option Care Health, Inc.                   | CUSIP: 68404L201<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | EC               | CORP              | US        |     30600 | NS      | $823752.00    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Realloys, Inc.                           | Realloys, Inc.                             | CUSIP: 75606V101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11898 | NS      | $116124.48    | 0.11%             |  |  |  | No            |                  1 | On Loan: —       |
| Banc of California, Inc.                 | Banc of California, Inc.                   | CUSIP: 05990K106<br>LEI: 549300ZKWUJDP6LJ1X87 | Long             | EC               | CORP              | US        |     52000 | NS      | $914160.00    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Avidia Bancorp, Inc.                     | Avidia Bancorp, Inc.                       | CUSIP: 05369T100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21533 | NS      | $423554.11    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Intertechnology, Inc.             | Vishay Intertechnology, Inc.               | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               | CORP              | US        |     69100 | NS      | $1243800.00   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohu, Inc.                               | Cohu, Inc.                                 | CUSIP: 192576106<br>LEI: 529900FJPORJ3JJ2XS33 | Long             | EC               | CORP              | US        |     50200 | NS      | $1537124.00   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Digital Corp.                    | Applied Digital Corp.                      | CUSIP: 038169207<br>LEI: 2549004NE2B6RYXINZ02 | Long             | EC               | CORP              | US        |     19300 | NS      | $458182.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: —       |
| Spectrum Brands Holdings, Inc.           | Spectrum Brands Holdings, Inc.             | CUSIP: 84790A105<br>LEI: 549300JM0MJETDD30O20 | Long             | EC               | CORP              | US        |     14300 | NS      | $1053910.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Putnam Cash Collateral Pool LLC          | Putnam Cash Collateral Pool LLC            | CUSIP: 99311N9A5<br>LEI: 5493005HRIV7IFMKD774 | Long             | STIV             | PF                | US        |   2098945 | NS      | $2098945.03   | 1.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Mid Penn Bancorp, Inc.                   | Mid Penn Bancorp, Inc.                     | CUSIP: 59540G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31200 | NS      | $1003392.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Taylor Morrison Home Corp.               | Taylor Morrison Home Corp., Class A        | CUSIP: 87724P106<br>LEI: 5299009UDLLGLKOOJE30 | Long             | EC               | CORP              | US        |     21100 | NS      | $1228864.00   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Walker & Dunlop, Inc.                    | Walker & Dunlop, Inc.                      | CUSIP: 93148P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15580 | NS      | $691440.40    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Range Resources Corp.                    | Range Resources Corp.                      | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |      9600 | NS      | $433728.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Teekay Tankers Ltd.                      | Teekay Tankers Ltd., Class A               | CUSIP: N/A<br>LEI: 549300DE8ZAIYS2T6Q22       | Long             | EC               | CORP              | BM        |      6800 | NS      | $498576.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbus McKinnon Corp.                  | Columbus McKinnon Corp.                    | CUSIP: 199333105<br>LEI: 549300W3HQB0HO1F3G69 | Long             | EC               | CORP              | US        |     29200 | NS      | $424276.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Business First Bancshares, Inc.          | Business First Bancshares, Inc.            | CUSIP: 12326C105<br>LEI: 549300ILTC50KHDX4A08 | Long             | EC               | CORP              | US        |     31600 | NS      | $854464.00    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| ICF International, Inc.                  | ICF International, Inc.                    | CUSIP: 44925C103<br>LEI: 5493003KYFDDC5B3WY64 | Long             | EC               | CORP              | US        |     11900 | NS      | $776951.00    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Riot Platforms, Inc.                     | Riot Platforms, Inc.                       | CUSIP: 767292105<br>LEI: 5299005LKZAJQDQZDF73 | Long             | EC               | CORP              | US        |     32900 | NS      | $406644.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Casella Waste Systems, Inc.              | Casella Waste Systems, Inc., Class A       | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |     12600 | NS      | $999684.00    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Bird Corp.                          | Blue Bird Corp.                            | CUSIP: 095306106<br>LEI: 5493004ZXJUUWQ65ER59 | Long             | EC               | CORP              | US        |      5600 | NS      | $318024.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| LifeStance Health Group, Inc.            | LifeStance Health Group, Inc.              | CUSIP: 53228F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    237603 | NS      | $1513531.11   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Tronox Holdings plc                      | Tronox Holdings plc                        | CUSIP: N/A<br>LEI: 549300NRVC84SGJSXV06       | Long             | EC               | CORP              | GB        |     78600 | NS      | $767922.00    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Popular, Inc.                            | Popular, Inc.                              | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | PR        |      8700 | NS      | $1167279.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Methanex Corp.                           | Methanex Corp.                             | CUSIP: 59151K108<br>LEI: 549300TSJHRXT9QXRD13 | Long             | EC               | CORP              | CA        |     15200 | NS      | $905008.00    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Janux Therapeutics, Inc.                 | Janux Therapeutics, Inc.                   | CUSIP: 47103J105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19346 | NS      | $268909.40    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Wabash National Corp.                    | Wabash National Corp.                      | CUSIP: 929566107<br>LEI: 5299004ZAWHQZI5XO485 | Long             | EC               | CORP              | US        |     83000 | NS      | $715460.00    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| La-Z-Boy, Inc.                           | La-Z-Boy, Inc.                             | CUSIP: 505336107<br>LEI: 549300WNO1WMN9ZG2519 | Long             | EC               | CORP              | US        |     21200 | NS      | $681368.00    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Algonquin Power & Utilities Corp.        | Algonquin Power & Utilities Corp.          | CUSIP: 015857105<br>LEI: 549300K5VIUTJXQL7X75 | Long             | EC               | CORP              | CA        |    152000 | NS      | $933280.00    | 0.88%             |  |  |  | No            |                  1 | On Loan: —       |
| Regal Rexnord Corp.                      | Regal Rexnord Corp.                        | CUSIP: 758750103<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | EC               | CORP              | US        |      5400 | NS      | $1011204.00   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Rithm Capital Corp.                      | Rithm Capital Corp.                        | CUSIP: 64828T201<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EC               | CORP              | US        |     91180 | NS      | $864386.40    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| HNI Corp.                                | HNI Corp.                                  | CUSIP: 404251100<br>LEI: 549300SKRADLC4O5HV93 | Long             | EC               | CORP              | US        |     31326 | NS      | $1045975.14   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Codexis, Inc.                            | Codexis, Inc.                              | CUSIP: 192005106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    195297 | NS      | $318334.11    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB Financial Corp.                      | UMB Financial Corp.                        | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |      7800 | NS      | $879762.00    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Horace Mann Educators Corp.              | Horace Mann Educators Corp.                | CUSIP: 440327104<br>LEI: 254900G5YAV3A2YK8T32 | Long             | EC               | CORP              | US        |     20800 | NS      | $887744.00    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Industries, Inc.                     | UFP Industries, Inc.                       | CUSIP: 90278Q108<br>LEI: 5493007KB485C9OV5572 | Long             | EC               | CORP              | US        |      4700 | NS      | $432964.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Tactile Systems Technology, Inc.         | Tactile Systems Technology, Inc.           | CUSIP: 87357P100<br>LEI: 54930069VDTITHOTKJ98 | Long             | EC               | CORP              | US        |     27800 | NS      | $726414.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Coastal Financial Corp.                  | Coastal Financial Corp.                    | CUSIP: 19046P209<br>LEI: 549300XG5L36T6IU0B47 | Long             | EC               | CORP              | US        |     13070 | NS      | $994627.00    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| UniFirst Corp.                           | UniFirst Corp.                             | CUSIP: 904708104<br>LEI: 5493003XBTNWBC8UK019 | Long             | EC               | CORP              | US        |       574 | NS      | $144412.66    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Axos Financial, Inc.                     | Axos Financial, Inc.                       | CUSIP: 05465C100<br>LEI: 529900D8M56422GK9O25 | Long             | EC               | CORP              | US        |     14700 | NS      | $1250823.00   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| DocGo, Inc.                              | DocGo, Inc.                                | CUSIP: 256086109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    139000 | NS      | $87444.90     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| McGraw Hill, Inc.                        | McGraw Hill, Inc.                          | CUSIP: 580907103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37372 | NS      | $511996.40    | 0.49%             |  |  |  | No            |                  1 | On Loan: —       |
| Titan America SA                         | Titan America SA                           | CUSIP: N/A<br>LEI: 9845007APCB6462D6C46       | Long             | EC               | CORP              | BE        |     61708 | NS      | $924385.84    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Dollar                          | Canadian Dollar                            | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | CA        |       313 | OU      | $224.86       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Critical Metals Corp.                    | Critical Metals Corp.                      | CUSIP: N/A<br>LEI: 984500158752F66VAE27       | Long             | EC               | CORP              | VG        |     13108 | NS      | $104077.52    | 0.10%             |  |  |  | No            |                  1 | On Loan: —       |
| Magnolia Oil & Gas Corp.                 | Magnolia Oil & Gas Corp., Class A          | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51685 | NS      | $1631695.45   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| MasterCraft Boat Holdings, Inc.          | MasterCraft Boat Holdings, Inc.            | CUSIP: 57637H103<br>LEI: 549300IXWX41555YJ117 | Long             | EC               | CORP              | US        |     61159 | NS      | $1254371.09   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Peabody Energy Corp.                     | Peabody Energy Corp.                       | CUSIP: 704551100<br>LEI: EJCO258LNNVSKAR2JX59 | Long             | EC               | CORP              | US        |      7900 | NS      | $260305.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ConnectOne Bancorp, Inc.                 | ConnectOne Bancorp, Inc.                   | CUSIP: 20786W107<br>LEI: 549300E2M5ZYAZKUK134 | Long             | EC               | CORP              | US        |     29609 | NS      | $792632.93    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Vaxcyte, Inc.                            | Vaxcyte, Inc.                              | CUSIP: 92243G108<br>LEI: 254900M7NMHTGASX8D95 | Long             | EC               | CORP              | US        |      6766 | NS      | $393172.26    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Ichor Holdings Ltd.                      | Ichor Holdings Ltd.                        | CUSIP: N/A<br>LEI: 529900PS8R2JVLJ2H892       | Long             | EC               | CORP              | KY        |     31709 | NS      | $1477956.49   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| SkyWest, Inc.                            | SkyWest, Inc.                              | CUSIP: 830879102<br>LEI: 529900UYS2KGS6Z42P09 | Long             | EC               | CORP              | US        |     11300 | NS      | $1037679.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| AdvanSix, Inc.                           | AdvanSix, Inc.                             | CUSIP: 00773T101<br>LEI: 5493009TPRODMCAZLF67 | Long             | EC               | CORP              | US        |     44600 | NS      | $1088240.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Ladder Capital Corp.                     | Ladder Capital Corp., Class A              | CUSIP: 505743104<br>LEI: 549300Q6LLV2QCV67C06 | Long             | EC               | CORP              | US        |    107812 | NS      | $1053323.24   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MediaAlpha, Inc.                         | MediaAlpha, Inc., Class A                  | CUSIP: 58450V104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     96800 | NS      | $900240.00    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Resources Corp.                   | Antero Resources Corp.                     | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |     37100 | NS      | $1574524.00   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Amneal Pharmaceuticals, Inc.             | Amneal Pharmaceuticals, Inc.               | CUSIP: 03168L105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     95100 | NS      | $1182093.00   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Cavco Industries, Inc.                   | Cavco Industries, Inc.                     | CUSIP: 149568107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1240 | NS      | $600519.60    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Star Bancorp                        | Five Star Bancorp                          | CUSIP: 33830T103<br>LEI: 5493008ZRBIHKWC0JA73 | Long             | EC               | CORP              | US        |     35535 | NS      | $1340380.20   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Co.                    | Matador Resources Co.                      | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |     23500 | NS      | $1484730.00   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmark Group, Inc.                      | Newmark Group, Inc., Class A               | CUSIP: 65158N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     73900 | NS      | $1107761.00   | 1.05%             |  |  |  | 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        |     34400 | NS      | $933960.00    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Onity Group, Inc.                        | Onity Group, Inc.                          | CUSIP: 675746606<br>LEI: 549300DDD1YQ8EIAT278 | Long             | EC               | CORP              | US        |     18500 | NS      | $726495.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Nicolet Bankshares, Inc.                 | Nicolet Bankshares, Inc.                   | CUSIP: 65406E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10300 | NS      | $1530786.00   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliance Laundry Holdings, Inc.          | Alliance Laundry Holdings, Inc.            | CUSIP: 01862Q107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     55100 | NS      | $1142774.00   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Bancorp, Inc.                      | Eagle Bancorp, Inc.                        | CUSIP: 268948106<br>LEI: 549300B47NZODRMG3D47 | Long             | EC               | CORP              | US        |     34100 | NS      | $848067.00    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrim BanCorp, Inc.                   | Northrim BanCorp, Inc.                     | CUSIP: 666762109<br>LEI: 5493006X7RLLTZ3SG075 | Long             | EC               | CORP              | US        |     52000 | NS      | $1189760.00   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Encore Capital Group, Inc.               | Encore Capital Group, Inc.                 | CUSIP: 292554102<br>LEI: 5493000UVC6H49CIH830 | Long             | EC               | CORP              | US        |     14100 | NS      | $988692.00    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| M/I Homes, Inc.                          | M/I Homes, Inc.                            | CUSIP: 55305B101<br>LEI: 5299005M71FH9CCSFB69 | Long             | EC               | CORP              | US        |      7700 | NS      | $942865.00    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Avidbank Holdings, Inc.                  | Avidbank Holdings, Inc.                    | CUSIP: 05368J103<br>LEI: 54930029UJ8M0B84EE44 | Long             | EC               | CORP              | US        |     33952 | NS      | $967632.00    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| IBEX Holdings Ltd.                       | IBEX Holdings Ltd.                         | CUSIP: N/A<br>LEI: 5493000GRFLPVYU2CX17       | Long             | EC               | CORP              | BM        |     46166 | NS      | $1238172.12   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| BrightSpring Health Services, Inc.       | BrightSpring Health Services, Inc.         | CUSIP: 10950A106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29600 | NS      | $1261256.00   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| WillScot Holdings Corp.                  | WillScot Holdings Corp.                    | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |     45400 | NS      | $788144.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Precigen, Inc.                           | Precigen, Inc.                             | CUSIP: 74017N105<br>LEI: 549300XCWNQU35K64G19 | Long             | EC               | CORP              | US        |    277300 | NS      | $1073151.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Lear Corp.                               | Lear Corp.                                 | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |      5700 | NS      | $690156.00    | 0.65%             |  |  |  | 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        |    482203 | NS      | $482202.70    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Diebold Nixdorf, Inc.                    | Diebold Nixdorf, Inc.                      | CUSIP: 253651202<br>LEI: 549300XZK6EWDBAZSY16 | Long             | EC               | CORP              | US        |     15500 | NS      | $1169320.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Abacus Global Management, Inc.           | Abacus Global Management, Inc.             | CUSIP: 00258Y104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    126145 | NS      | $994022.60    | 0.94%             |  |  |  | No            |                  1 | On Loan: —       |
| Gates Industrial Corp. plc               | Gates Industrial Corp. plc                 | CUSIP: N/A<br>LEI: 549300S6K4FWUSB9KM27       | Long             | EC               | CORP              | GB        |     28218 | NS      | $638008.98    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| O-I Glass, Inc.                          | O-I Glass, Inc.                            | CUSIP: 67098H104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     63484 | NS      | $667216.84    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Bel Fuse, Inc.                           | Bel Fuse, Inc., Class B                    | CUSIP: 077347300<br>LEI: 2549009L4XYDBRRY6X39 | Long             | EC               | CORP              | US        |      5000 | NS      | $989900.00    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Jefferson Capital, Inc.                  | Jefferson Capital, Inc.                    | CUSIP: 47248R103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     56700 | NS      | $1090341.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Major Drilling Group International, Inc. | Major Drilling Group International, Inc.   | CUSIP: 560909103<br>LEI: 549300O1MNHCX2FUBC21 | Long             | EC               | CORP              | CA        |     73800 | NS      | $849885.70    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackBox, Inc.                           | BlackBox, Inc., CVR                        | CUSIP: 092CVR018<br>LEI: N/A                  | Long             |  | CORP              | US        |     26200 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Academy Sports & Outdoors, Inc.          | Academy Sports & Outdoors, Inc.            | CUSIP: 00402L107<br>LEI: 529900HST589BD301M91 | Long             | EC               | CORP              | US        |     12700 | NS      | $716915.00    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Realty Trust, Inc.            | Healthcare Realty Trust, Inc., Class A     | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               | CORP              | US        |     46600 | NS      | $791734.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial Bancgroup, Inc.               | Commercial Bancgroup, Inc.                 | CUSIP: 20112C106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27559 | NS      | $717085.18    | 0.68%             |  |  |  | No            |                  1 | On Loan: —       |
| Ingevity Corp.                           | Ingevity Corp.                             | CUSIP: 45688C107<br>LEI: 5493009UTFC4B5IMGF87 | Long             | EC               | CORP              | US        |     14076 | NS      | $1002633.48   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Perdoceo Education Corp.                 | Perdoceo Education Corp.                   | CUSIP: 71363P106<br>LEI: 529900X5PCA184O9LY90 | Long             | EC               | CORP              | US        |     33100 | NS      | $1231651.00   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| REalloys, Inc.                           | REalloys, Inc.                             | CUSIP: 09229E303<br>LEI: 549300MNYTH4SEBRIO25 | Long             | EC               | CORP              | US        |       939 | NS      | $9164.64      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumexa Imaging Holdings, Inc.            | Lumexa Imaging Holdings, Inc.              | CUSIP: 550249106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     82600 | NS      | $710360.00    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadstone Net Lease, Inc.               | Broadstone Net Lease, Inc.                 | CUSIP: 11135E203<br>LEI: 549300U8D7PT70B49V21 | Long             | EC               | CORP              | US        |     51500 | NS      | $940905.00    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Gas Holdings, Inc.             | Southwest Gas Holdings, Inc.               | CUSIP: 844895102<br>LEI: 254900LKF9EV0CUKNE09 | Long             | EC               | CORP              | US        |     14800 | NS      | $1286120.00   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Aluminum Co.                     | Century Aluminum Co.                       | CUSIP: 156431108<br>LEI: 549300U5ODNGEYWKSW73 | Long             | EC               | CORP              | US        |     20300 | NS      | $1191407.00   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Helmerich & Payne, Inc.                  | Helmerich & Payne, Inc.                    | CUSIP: 423452101<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | EC               | CORP              | US        |     15400 | NS      | $554862.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| TPG RE Finance Trust, Inc.               | TPG RE Finance Trust, Inc.                 | CUSIP: 87266M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    134200 | NS      | $1048102.00   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| American Healthcare REIT, Inc.           | American Healthcare REIT, Inc.             | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               | CORP              | US        |     21200 | NS      | $999792.00    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Portland General Electric Co.            | Portland General Electric Co.              | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |     20652 | NS      | $1089806.04   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheesecake Factory, Inc. (The)           | Cheesecake Factory, Inc. (The)             | CUSIP: 163072101<br>LEI: 529900872XMLK10SY247 | Long             | EC               | CORP              | US        |     16600 | NS      | $908850.00    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Leggett & Platt, Inc.                    | Leggett & Platt, Inc.                      | CUSIP: 524660107<br>LEI: DKOVQUCDW4ZLYCUD4T55 | Long             | EC               | CORP              | US        |     88300 | NS      | $872404.00    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Tutor Perini Corp.                       | Tutor Perini Corp.                         | CUSIP: 901109108<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | EC               | CORP              | US        |     10700 | NS      | $825933.00    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Donnelley Financial Solutions, Inc.      | Donnelley Financial Solutions, Inc.        | CUSIP: 25787G100<br>LEI: 549300O1NPY4J56QCU04 | Long             | EC               | CORP              | US        |     16200 | NS      | $763668.00    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontline plc                            | Frontline plc                              | CUSIP: N/A<br>LEI: 5493004BCIKYU1YL3H63       | Long             | EC               | CORP              | CY        |     19400 | NS      | $676284.00    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Natural Resources, Inc.             | Core Natural Resources, Inc.               | CUSIP: 218937100<br>LEI: 549300YJCTPJBTK7IJ81 | Long             | EC               | CORP              | US        |     15600 | NS      | $1633788.00   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| J Jill, Inc.                             | J Jill, Inc.                               | CUSIP: 46620W201<br>LEI: 529900I19PJIF8MIDL12 | Long             | EC               | CORP              | US        |     17607 | NS      | $201776.22    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Valley National Bancorp                  | Valley National Bancorp                    | CUSIP: 919794107<br>LEI: 549300ET52S1UBIB9762 | Long             | EC               | CORP              | US        |     82800 | NS      | $1016784.00   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Camping World Holdings, Inc.             | Camping World Holdings, Inc., Class A      | CUSIP: 13462K109<br>LEI: 549300E828QQI7MWI432 | Long             | EC               | CORP              | US        |     74575 | NS      | $509347.25    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| MaxLinear, Inc.                          | MaxLinear, Inc., Class A                   | CUSIP: 57776J100<br>LEI: 549300EMOI0SM2IY4F64 | Long             | EC               | CORP              | US        |     52500 | NS      | $912975.00    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group, Inc.             | Brixmor Property Group, Inc.               | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |     38900 | NS      | $1120320.00   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Metropolitan Bank Holding Corp.          | Metropolitan Bank Holding Corp.            | CUSIP: 591774104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15788 | NS      | $1314982.52   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| V2X, Inc.                                | V2X, Inc.                                  | CUSIP: 92242T101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15200 | NS      | $1041200.00   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Veracyte, Inc.                           | Veracyte, Inc.                             | CUSIP: 92337F107<br>LEI: 529900ESWZRHXOW27Z37 | Long             | EC               | CORP              | US        |     41313 | NS      | $1330691.73   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Valmont Industries, Inc.                 | Valmont Industries, Inc.                   | CUSIP: 920253101<br>LEI: 5493009ZGZJJ8F77JN08 | Long             | EC               | CORP              | US        |      2680 | NS      | $1070847.60   | 1.01%             |  |  |  | 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