# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0002071691-26-003952
**Filing Date:** 2026-2
**Character Count:** 40627
**Document Hash:** c7ecf89f63f97671a9b2ed4f8dce0dc0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-003952.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0002071691-26-003952

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**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:** 26675075

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6172921000

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PUTNAM CAPITAL MANAGER TRUST /MA/
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Putnam VT Small Cap Value Fund (Series ID: S000003888)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010871 | Class IA Shares |  |
| C000010872 | Class IB Shares |  |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Putnam Variable Trust

- **b. Investment Company Act file number:** 811-05346

- **c. CIK number of Registrant:** 0000822671

- **d. LEI of Registrant:** 549300TBVD21LYBGBD46

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Federal Street

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

  - **Telephone number:** 617-292-1000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Putnam VT Small Cap Value Fund

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

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

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

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

- **b. Date as of which information is reported:** 2025-12-31

**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:** $116058395.74

**Total Liabilities:** $8681727.49

**Net Assets:** $107376668.25

**Cash Not Reported:** $0.06

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010871 | -2.47%               | 2.90%                | 1.00%                |
| Class ID C000010872 | -2.53%               | 2.88%                | 1.03%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1720584.57              | $-4489526.13                               |
| Month 2  | $-16432.87               | $2929706.60                                |
| Month 3  | $-864952.69              | $1840763.73                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Abacus Global Management, Inc.           | Abacus Global Management, Inc.             | CUSIP: 00258Y104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    145300 | NS      | $1242315.00   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Academy Sports & Outdoors, Inc.          | Academy Sports & Outdoors, Inc.            | CUSIP: 00402L107<br>LEI: 529900HST589BD301M91 | Long             | EC               | CORP              | US        |     24100 | NS      | $1204036.00   | 1.12%             |  |  |  | No            |                  1 | On Loan: —       |
| Algonquin Power & Utilities Corp.        | Algonquin Power & Utilities Corp.          | CUSIP: 015857105<br>LEI: 549300K5VIUTJXQL7X75 | Long             | EC               | CORP              | CA        |    160900 | NS      | $989535.00    | 0.92%             |  |  |  | No            |                  1 | On Loan: —       |
| Alliance Laundry Holdings, Inc.          | Alliance Laundry Holdings, Inc.            | CUSIP: 01862Q107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22000 | NS      | $447700.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Amneal Pharmaceuticals, Inc.             | Amneal Pharmaceuticals, Inc.               | CUSIP: 03168L105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     90400 | NS      | $1139040.00   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Resources Corp.                   | Antero Resources Corp.                     | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |     38400 | NS      | $1323264.00   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Aviat Networks, Inc.                     | Aviat Networks, Inc.                       | CUSIP: 05366Y201<br>LEI: 549300Z3X8Z4MK52CI65 | Long             | EC               | CORP              | US        |     48878 | NS      | $1045011.64   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Avidbank Holdings, Inc.                  | Avidbank Holdings, Inc.                    | CUSIP: 05368J103<br>LEI: 54930029UJ8M0B84EE44 | Long             | EC               | CORP              | US        |     35452 | NS      | $941605.12    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Avidia Bancorp, Inc.                     | Avidia Bancorp, Inc.                       | CUSIP: 05369T100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21733 | NS      | $365331.73    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Axos Financial, Inc.                     | Axos Financial, Inc.                       | CUSIP: 05465C100<br>LEI: 529900D8M56422GK9O25 | Long             | EC               | CORP              | US        |     16500 | NS      | $1421640.00   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancorp, Inc. (The)                      | Bancorp, Inc. (The)                        | CUSIP: 05969A105<br>LEI: 894500FP2ICT1B019Y71 | Long             | EC               | CORP              | US        |     11440 | NS      | $772428.80    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank OZK                                 | Bank OZK                                   | CUSIP: 06417N103<br>LEI: 549300VYK2WBD7SST478 | Long             | EC               | CORP              | US        |     14200 | NS      | $653484.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: —       |
| BioMarin Pharmaceutical, Inc.            | BioMarin Pharmaceutical, Inc.              | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |      9000 | NS      | $534870.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackbaud, Inc.                          | Blackbaud, Inc.                            | CUSIP: 09227Q100<br>LEI: 54930056X3HKFMNG3754 | Long             | EC               | CORP              | US        |     17200 | NS      | $1089104.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackboxstocks, Inc.                     | Blackboxstocks, Inc.                       | CUSIP: 09229E303<br>LEI: 549300MNYTH4SEBRIO25 | Long             | EC               | CORP              | US        |     26000 | NS      | $210470.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: —       |
| Blue Bird Corp.                          | Blue Bird Corp.                            | CUSIP: 095306106<br>LEI: 5493004ZXJUUWQ65ER59 | Long             | EC               | CORP              | US        |     19400 | NS      | $911800.00    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group, Inc.             | Brixmor Property Group, Inc.               | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |     34300 | NS      | $899346.00    | 0.84%             |  |  |  | No            |                  1 | On Loan: —       |
| Broadstone Net Lease, Inc.               | Broadstone Net Lease, Inc.                 | CUSIP: 11135E203<br>LEI: 549300U8D7PT70B49V21 | Long             | EC               | CORP              | US        |     52000 | NS      | $903240.00    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Putnam Cash Collateral Pool LLC          | Putnam Cash Collateral Pool LLC            | CUSIP: 99311N9A5<br>LEI: 5493005HRIV7IFMKD774 | Long             | STIV             | PF                | US        |   8430624 | NS      | $8430623.80   | 7.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Business First Bancshares, Inc.          | Business First Bancshares, Inc.            | CUSIP: 12326C105<br>LEI: 549300ILTC50KHDX4A08 | Long             | EC               | CORP              | US        |     35400 | NS      | $925356.00    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Camping World Holdings, Inc.             | Camping World Holdings, Inc., Class A      | CUSIP: 13462K109<br>LEI: 549300E828QQI7MWI432 | Long             | EC               | CORP              | US        |     75375 | NS      | $733398.75    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Casella Waste Systems, Inc.              | Casella Waste Systems, Inc., Class A       | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |     12000 | NS      | $1175280.00   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Cavco Industries, Inc.                   | Cavco Industries, Inc.                     | CUSIP: 149568107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1060 | NS      | $626184.40    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Coastal Financial Corp.                  | Coastal Financial Corp.                    | CUSIP: 19046P209<br>LEI: 549300XG5L36T6IU0B47 | Long             | EC               | CORP              | US        |      9870 | NS      | $1131003.30   | 1.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Codexis, Inc.                            | Codexis, Inc.                              | CUSIP: 192005106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    210600 | NS      | $343278.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohu, Inc.                               | Cohu, Inc.                                 | CUSIP: 192576106<br>LEI: 529900FJPORJ3JJ2XS33 | Long             | EC               | CORP              | US        |     48500 | NS      | $1128595.00   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial Bancgroup, Inc.               | Commercial Bancgroup, Inc.                 | CUSIP: 20112C106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27859 | NS      | $684217.04    | 0.64%             |  |  |  | No            |                  1 | On Loan: —       |
| Concentrix Corp.                         | Concentrix Corp.                           | CUSIP: 20602D101<br>LEI: 5493000EAJN1KMPVA737 | Long             | EC               | CORP              | US        |     24600 | NS      | $1022868.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| ConnectOne Bancorp, Inc.                 | ConnectOne Bancorp, Inc.                   | CUSIP: 20786W107<br>LEI: 549300E2M5ZYAZKUK134 | Long             | EC               | CORP              | US        |     45609 | NS      | $1195867.98   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Natural Resources, Inc.             | Core Natural Resources, Inc.               | CUSIP: 218937100<br>LEI: 549300YJCTPJBTK7IJ81 | Long             | EC               | CORP              | US        |     14900 | NS      | $1318799.00   | 1.23%             |  |  |  | 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        |     49200 | NS      | $1084368.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Diebold Nixdorf, Inc.                    | Diebold Nixdorf, Inc.                      | CUSIP: 253651202<br>LEI: 549300XZK6EWDBAZSY16 | Long             | EC               | CORP              | US        |     15700 | NS      | $1065873.00   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Major Drilling Group International, Inc. | Major Drilling Group International, Inc.   | CUSIP: 560909103<br>LEI: 549300O1MNHCX2FUBC21 | Long             | EC               | CORP              | CA        |    147100 | NS      | $1382528.87   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| DocGo, Inc.                              | DocGo, Inc.                                | CUSIP: 256086109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    140400 | NS      | $123243.12    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Encore Capital Group, Inc.               | Encore Capital Group, Inc.                 | CUSIP: 292554102<br>LEI: 5493000UVC6H49CIH830 | Long             | EC               | CORP              | US        |     17500 | NS      | $951125.00    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Extreme Networks, Inc.                   | Extreme Networks, Inc.                     | CUSIP: 30226D106<br>LEI: 549300WRECW11X94UB57 | Long             | EC               | CORP              | US        |     58900 | NS      | $980685.00    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Star Bancorp                        | Five Star Bancorp                          | CUSIP: 33830T103<br>LEI: 5493008ZRBIHKWC0JA73 | Long             | EC               | CORP              | US        |     36035 | NS      | $1289332.30   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| American Healthcare REIT, Inc.           | American Healthcare REIT, Inc.             | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               | CORP              | US        |     21400 | NS      | $1007084.00   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| HNI Corp.                                | HNI Corp.                                  | CUSIP: 404251100<br>LEI: 549300SKRADLC4O5HV93 | Long             | EC               | CORP              | US        |     26226 | NS      | $1102541.04   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Realty Trust, Inc.            | Healthcare Realty Trust, Inc., Class A     | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               | CORP              | US        |     49600 | NS      | $840720.00    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Holley, Inc.                             | Holley, Inc.                               | CUSIP: 43538H103<br>LEI: 254900EEM9JI9G1A4D88 | Long             | EC               | CORP              | US        |    487773 | NS      | $2014502.49   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Horace Mann Educators Corp.              | Horace Mann Educators Corp.                | CUSIP: 440327104<br>LEI: 254900G5YAV3A2YK8T32 | Long             | EC               | CORP              | US        |     21000 | NS      | $969780.00    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudbay Minerals, Inc.                    | Hudbay Minerals, Inc.                      | CUSIP: 443628102<br>LEI: 894500LX3TMESP27BE29 | Long             | EC               | CORP              | CA        |     67100 | NS      | $1331935.00   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ICF International, Inc.                  | ICF International, Inc.                    | CUSIP: 44925C103<br>LEI: 5493003KYFDDC5B3WY64 | Long             | EC               | CORP              | US        |     12700 | NS      | $1083310.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingevity Corp.                           | Ingevity Corp.                             | CUSIP: 45688C107<br>LEI: 5493009UTFC4B5IMGF87 | Long             | EC               | CORP              | US        |     21400 | NS      | $1266452.00   | 1.18%             |  |  |  | No            |                  1 | On Loan: —       |
| Insteel Industries, Inc.                 | Insteel Industries, Inc.                   | CUSIP: 45774W108<br>LEI: 52990026LKY4MOX3L174 | Long             | EC               | CORP              | US        |     34600 | NS      | $1095782.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| J Jill, Inc.                             | J Jill, Inc.                               | CUSIP: 46620W201<br>LEI: 529900I19PJIF8MIDL12 | Long             | EC               | CORP              | US        |     51907 | NS      | $712164.04    | 0.66%             |  |  |  | No            |                  1 | On Loan: —       |
| Janux Therapeutics, Inc.                 | Janux Therapeutics, Inc.                   | CUSIP: 47103J105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19546 | NS      | $269734.80    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Jefferson Capital, Inc.                  | Jefferson Capital, Inc.                    | CUSIP: 47248R103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41522 | NS      | $927601.48    | 0.86%             |  |  |  | No            |                  1 | On Loan: —       |
| La-Z-Boy, Inc.                           | La-Z-Boy, Inc.                             | CUSIP: 505336107<br>LEI: 549300WNO1WMN9ZG2519 | Long             | EC               | CORP              | US        |     25000 | NS      | $931750.00    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Ladder Capital Corp.                     | Ladder Capital Corp., Class A              | CUSIP: 505743104<br>LEI: 549300Q6LLV2QCV67C06 | Long             | EC               | CORP              | US        |    102712 | NS      | $1128804.88   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Leggett & Platt, Inc.                    | Leggett & Platt, Inc.                      | CUSIP: 524660107<br>LEI: DKOVQUCDW4ZLYCUD4T55 | Long             | EC               | CORP              | US        |    122100 | NS      | $1343100.00   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| LifeStance Health Group, Inc.            | LifeStance Health Group, Inc.              | CUSIP: 53228F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    212000 | NS      | $1492480.00   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| M/I Homes, Inc.                          | M/I Homes, Inc.                            | CUSIP: 55305B101<br>LEI: 5299005M71FH9CCSFB69 | Long             | EC               | CORP              | US        |      6800 | NS      | $870060.00    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Steven Madden Ltd.                       | Steven Madden Ltd.                         | CUSIP: 556269108<br>LEI: 549300Z9GZ7GYJWSGF43 | Long             | EC               | CORP              | US        |     15900 | NS      | $662076.00    | 0.62%             |  |  |  | No            |                  1 | On Loan: —       |
| Magnolia Oil & Gas Corp.                 | Magnolia Oil & Gas Corp., Class A          | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40085 | NS      | $877460.65    | 0.82%             |  |  |  | No            |                  1 | On Loan: —       |
| MasterCraft Boat Holdings, Inc.          | MasterCraft Boat Holdings, Inc.            | CUSIP: 57637H103<br>LEI: 549300IXWX41555YJ117 | Long             | EC               | CORP              | US        |     66859 | NS      | $1264303.69   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Mattel, Inc.                             | Mattel, Inc.                               | CUSIP: 577081102<br>LEI: 549300VELLG24KHTJ564 | Long             | EC               | CORP              | US        |     55200 | NS      | $1095168.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| McGraw Hill, Inc.                        | McGraw Hill, Inc.                          | CUSIP: 580907103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37772 | NS      | $623238.00    | 0.58%             |  |  |  | No            |                  1 | On Loan: —       |
| MediaAlpha, Inc.                         | MediaAlpha, Inc., Class A                  | CUSIP: 58450V104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     86800 | NS      | $1124060.00   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Metropolitan Bank Holding Corp.          | Metropolitan Bank Holding Corp.            | CUSIP: 591774104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16220 | NS      | $1238559.20   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Mid Penn Bancorp, Inc.                   | Mid Penn Bancorp, Inc.                     | CUSIP: 59540G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34600 | NS      | $1073292.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MidWestOne Financial Group, Inc.         | MidWestOne Financial Group, Inc.           | CUSIP: 598511103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24095 | NS      | $927657.50    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| MiMedx Group, Inc.                       | MiMedx Group, Inc.                         | CUSIP: 602496101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    160300 | NS      | $1085231.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NBT Bancorp, Inc.                        | NBT Bancorp, Inc.                          | CUSIP: 628778102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14000 | NS      | $581280.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Rithm Capital Corp.                      | Rithm Capital Corp.                        | CUSIP: 64828T201<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EC               | CORP              | US        |     95380 | NS      | $1039642.00   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmark Group, Inc.                      | Newmark Group, Inc., Class A               | CUSIP: 65158N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     60600 | NS      | $1050804.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Nicolet Bankshares, Inc.                 | Nicolet Bankshares, Inc.                   | CUSIP: 65406E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3500 | NS      | $424550.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrim BanCorp, Inc.                   | Northrim BanCorp, Inc.                     | CUSIP: 666762109<br>LEI: 5493006X7RLLTZ3SG075 | Long             | EC               | CORP              | US        |     46600 | NS      | $1240026.00   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| NWPX Infrastructure, Inc.                | NWPX Infrastructure, Inc.                  | CUSIP: 667746101<br>LEI: 54930056VW2CRCZ9RE54 | Long             | EC               | CORP              | US        |     16900 | NS      | $1056081.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| O-I Glass, Inc.                          | O-I Glass, Inc.                            | CUSIP: 67098H104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     69884 | NS      | $1031487.84   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| OFG Bancorp                              | OFG Bancorp                                | CUSIP: 67103X102<br>LEI: 549300Q4QEXJ37LEXQ06 | Long             | EC               | CORP              | PR        |     16500 | NS      | $676170.00    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Onity Group, Inc.                        | Onity Group, Inc.                          | CUSIP: 675746606<br>LEI: 549300DDD1YQ8EIAT278 | Long             | EC               | CORP              | US        |     21600 | NS      | $989064.00    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Option Care Health, Inc.                 | Option Care Health, Inc.                   | CUSIP: 68404L201<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | EC               | CORP              | US        |     32100 | NS      | $1022706.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Perdoceo Education Corp.                 | Perdoceo Education Corp.                   | CUSIP: 71363P106<br>LEI: 529900X5PCA184O9LY90 | Long             | EC               | CORP              | US        |     36800 | NS      | $1079344.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp.                  | Permian Resources Corp., Class A           | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |     86213 | NS      | $1209568.39   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Popular, Inc.                            | Popular, Inc.                              | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | PR        |      9500 | NS      | $1182940.00   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Portland General Electric Co.            | Portland General Electric Co.              | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |     19800 | NS      | $950202.00    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Proficient Auto Logistics, Inc.          | Proficient Auto Logistics, Inc.            | CUSIP: 74317M104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    102482 | NS      | $987926.48    | 0.92%             |  |  |  | No            |                  1 | On Loan: —       |
| Putnam Short Term Investment Fund        | Putnam Short Term Investment Fund, Class P | CUSIP: 74676P664<br>LEI: 549300S9JYWEMKQCLW53 | Long             |  | RF                | US        |    800548 | NS      | $800547.81    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| RadNet, Inc.                             | RadNet, Inc.                               | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |      5820 | NS      | $415257.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Regal Rexnord Corp.                      | Regal Rexnord Corp.                        | CUSIP: 758750103<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | EC               | CORP              | US        |      4500 | NS      | $631440.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Resideo Technologies, Inc.               | Resideo Technologies, Inc.                 | CUSIP: 76118Y104<br>LEI: 5493006TKFPYISY2DS54 | Long             | EC               | CORP              | US        |     40042 | NS      | $1406275.04   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| RingCentral, Inc.                        | RingCentral, Inc., Class A                 | CUSIP: 76680R206<br>LEI: 549300C8EH0H1614VE84 | Long             | EC               | CORP              | US        |     33200 | NS      | $958816.00    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Silgan Holdings, Inc.                    | Silgan Holdings, Inc.                      | CUSIP: 827048109<br>LEI: KAF673KJXD92C8KSLU49 | Long             | EC               | CORP              | US        |     20800 | NS      | $839696.00    | 0.78%             |  |  |  | No            |                  1 | On Loan: —       |
| SkyWest, Inc.                            | SkyWest, Inc.                              | CUSIP: 830879102<br>LEI: 529900UYS2KGS6Z42P09 | Long             | EC               | CORP              | US        |     11500 | NS      | $1154715.00   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Gas Holdings, Inc.             | Southwest Gas Holdings, Inc.               | CUSIP: 844895102<br>LEI: 254900LKF9EV0CUKNE09 | Long             | EC               | CORP              | US        |     15500 | NS      | $1240310.00   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Spectrum Brands Holdings, Inc.           | Spectrum Brands Holdings, Inc.             | CUSIP: 84790A105<br>LEI: 549300JM0MJETDD30O20 | Long             | EC               | CORP              | US        |     17900 | NS      | $1057532.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Taylor Morrison Home Corp.               | Taylor Morrison Home Corp., Class A        | CUSIP: 87724P106<br>LEI: 5299009UDLLGLKOOJE30 | Long             | EC               | CORP              | US        |     20400 | NS      | $1200948.00   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Third Coast Bancshares, Inc.             | Third Coast Bancshares, Inc.               | CUSIP: 88422P109<br>LEI: 254900LW0YOTBYSQCK19 | Long             | EC               | CORP              | US        |     25800 | NS      | $980658.00    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Turning Point Brands, Inc.               | Turning Point Brands, Inc.                 | CUSIP: 90041L105<br>LEI: 549300IYG00QF0VVP302 | Long             | EC               | CORP              | US        |     10611 | NS      | $1150232.40   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Turtle Beach Corp.                       | Turtle Beach Corp.                         | CUSIP: 900450206<br>LEI: 549300SZRV8U8PXSYI20 | Long             | EC               | CORP              | US        |     74400 | NS      | $1043832.00   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Tutor Perini Corp.                       | Tutor Perini Corp.                         | CUSIP: 901109108<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | EC               | CORP              | US        |     12000 | NS      | $804240.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB Financial Corp.                      | UMB Financial Corp.                        | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |      8000 | NS      | $920320.00    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Industries, Inc.                     | UFP Industries, Inc.                       | CUSIP: 90278Q108<br>LEI: 5493007KB485C9OV5572 | Long             | EC               | CORP              | US        |      5700 | NS      | $518985.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Valley National Bancorp                  | Valley National Bancorp                    | CUSIP: 919794107<br>LEI: 549300ET52S1UBIB9762 | Long             | EC               | CORP              | US        |     94900 | NS      | $1108432.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Valmont Industries, Inc.                 | Valmont Industries, Inc.                   | CUSIP: 920253101<br>LEI: 5493009ZGZJJ8F77JN08 | Long             | EC               | CORP              | US        |      2760 | NS      | $1110403.20   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| V2X, Inc.                                | V2X, Inc.                                  | CUSIP: 92242T101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21038 | NS      | $1147622.90   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Veracyte, Inc.                           | Veracyte, Inc.                             | CUSIP: 92337F107<br>LEI: 529900ESWZRHXOW27Z37 | Long             | EC               | CORP              | US        |     39313 | NS      | $1655077.30   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Intertechnology, Inc.             | Vishay Intertechnology, Inc.               | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               | CORP              | US        |     67800 | NS      | $982422.00    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Walker & Dunlop, Inc.                    | Walker & Dunlop, Inc.                      | CUSIP: 93148P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20580 | NS      | $1237887.00   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| WillScot Holdings Corp.                  | WillScot Holdings Corp.                    | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |     54500 | NS      | $1026235.00   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| WisdomTree, Inc.                         | WisdomTree, Inc.                           | CUSIP: 97717P104<br>LEI: 549300WIU8IS7UFO7871 | Long             | EC               | CORP              | US        |     91600 | NS      | $1116604.00   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan America SA                         | Titan America SA                           | CUSIP: N/A<br>LEI: 9845007APCB6462D6C46       | Long             | EC               | CORP              | BE        |     45008 | NS      | $741731.84    | 0.69%             |  |  |  | No            |                  1 | On Loan: —       |
| Critical Metals Corp.                    | Critical Metals Corp.                      | CUSIP: N/A<br>LEI: 984500158752F66VAE27       | Long             | EC               | CORP              | VG        |     21908 | NS      | $152041.52    | 0.14%             |  |  |  | No            |                  1 | On Loan: —       |
| Gates Industrial Corp. plc               | Gates Industrial Corp. plc                 | CUSIP: N/A<br>LEI: 549300S6K4FWUSB9KM27       | Long             | EC               | CORP              | GB        |     35118 | NS      | $753983.46    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Helen of Troy Ltd.                       | Helen of Troy Ltd.                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BM        |     35900 | NS      | $762875.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| IBEX Holdings Ltd.                       | IBEX Holdings Ltd.                         | CUSIP: N/A<br>LEI: 5493000GRFLPVYU2CX17       | Long             | EC               | CORP              | BM        |     39866 | NS      | $1522083.88   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Ichor Holdings Ltd.                      | Ichor Holdings Ltd.                        | CUSIP: N/A<br>LEI: 529900PS8R2JVLJ2H892       | Long             | EC               | CORP              | KY        |     58609 | NS      | $1080163.87   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Tronox Holdings plc                      | Tronox Holdings plc                        | CUSIP: N/A<br>LEI: 549300NRVC84SGJSXV06       | Long             | EC               | CORP              | GB        |    213942 | NS      | $892138.14    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Ardmore Shipping Corp.                   | Ardmore Shipping Corp.                     | CUSIP: N/A<br>LEI: 549300J8HD7K6BHD8O28       | Long             | EC               | CORP              | MH        |     81200 | NS      | $859908.00    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

**Name of Applicant:** Putnam Variable Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer