# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0001752724-25-203443
**Filing Date:** 2025-8
**Character Count:** 41952
**Document Hash:** d3bce3eb08d9a6175b1fd603519ecf65
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-203443.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-203443

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM VARIABLE TRUST
- **CENTRAL INDEX KEY:** 0000822671

**ORGANIZATION NAME:**
- **EIN:** 046649095
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05346
- **FILM NUMBER:** 251253139

**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:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $115351999.23

**Total Liabilities:** $8828877.67

**Net Assets:** $106523121.56

**Cash Not Reported:** $0.03

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010872 | -3.78%               | 5.67%                | 3.61%                |
| Class ID C000010871 | -3.79%               | 5.74%                | 3.62%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $532450.37               | $-4309092.20                               |
| Month 2  | $348400.40               | $5103661.49                                |
| Month 3  | $2364761.89              | $1129817.79                                |

### Schedule of Portfolio Investments

| Name                                     | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Third Coast Bancshares, Inc.             | Third Coast Bancshares, Inc.               | CUSIP: 88422P109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23900 | NS      | $780813.00    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Holley, Inc.                             | Holley, Inc.                               | CUSIP: 43538H103<br>LEI: 254900EEM9JI9G1A4D88 | Long             | EC               | CORP              | US        |    366100 | NS      | $732200.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Douglas Dynamics, Inc.                   | Douglas Dynamics, Inc.                     | CUSIP: 25960R105<br>LEI: 529900CDFLKNQ0QT6580 | Long             | EC               | CORP              | US        |     40000 | NS      | $1178800.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Helen of Troy Ltd.                       | Helen of Troy Ltd.                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BM        |     23900 | NS      | $678282.00    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| MidWestOne Financial Group, Inc.         | MidWestOne Financial Group, Inc.           | CUSIP: 598511103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33995 | NS      | $978036.15    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Aviat Networks, Inc.                     | Aviat Networks, Inc.                       | CUSIP: 05366Y201<br>LEI: 549300Z3X8Z4MK52CI65 | Long             | EC               | CORP              | US        |     54978 | NS      | $1322220.90   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp.                  | Permian Resources Corp., Class A           | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |     76613 | NS      | $1043469.06   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Integer Holdings Corp.                   | Integer Holdings Corp.                     | CUSIP: 45826H109<br>LEI: 549300SUD2ED5XG6X569 | Long             | EC               | CORP              | US        |      8500 | NS      | $1045245.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| RingCentral, Inc.                        | RingCentral, Inc., Class A                 | CUSIP: 76680R206<br>LEI: 549300C8EH0H1614VE84 | Long             | EC               | CORP              | US        |     33200 | NS      | $941220.00    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudbay Minerals, Inc.                    | Hudbay Minerals, Inc.                      | CUSIP: 443628102<br>LEI: 894500LX3TMESP27BE29 | Long             | EC               | CORP              | CA        |    111967 | NS      | $1187969.87   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancorp, Inc. (The)                      | Bancorp, Inc. (The)                        | CUSIP: 05969A105<br>LEI: 894500FP2ICT1B019Y71 | Long             | EC               | CORP              | US        |     18540 | NS      | $1056223.80   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Option Care Health, Inc.                 | Option Care Health, Inc.                   | CUSIP: 68404L201<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | EC               | CORP              | US        |     29800 | NS      | $967904.00    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| RadNet, Inc.                             | RadNet, Inc.                               | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |     15720 | NS      | $894625.20    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Motor Products, Inc.            | Standard Motor Products, Inc.              | CUSIP: 853666105<br>LEI: THGK1EO5B5HK0JHQVZ90 | Long             | EC               | CORP              | US        |     41000 | NS      | $1259520.00   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank OZK                                 | Bank OZK                                   | CUSIP: 06417N103<br>LEI: 549300VYK2WBD7SST478 | Long             | EC               | CORP              | US        |     21800 | NS      | $1025908.00   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Intertechnology, Inc.             | Vishay Intertechnology, Inc.               | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               | CORP              | US        |     71500 | NS      | $1135420.00   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynex Capital, Inc.                      | Dynex Capital, Inc.                        | CUSIP: 26817Q886<br>LEI: 5CIJ4S9HAEBWILA19B65 | Long             | EC               | CORP              | US        |     59400 | NS      | $725868.00    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Missouri Bancorp, Inc.          | Southern Missouri Bancorp, Inc.            | CUSIP: 843380106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15900 | NS      | $871002.00    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamos Gold, Inc.                        | Alamos Gold, Inc., Class A                 | CUSIP: 011532108<br>LEI: 894500GIHFJZW7YS9660 | Long             | EC               | CORP              | CA        |     31980 | NS      | $849388.80    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| NPK International, Inc.                  | NPK International, Inc.                    | CUSIP: 651718504<br>LEI: 54930073OHWDQW4DJN26 | Long             | EC               | CORP              | US        |     98637 | NS      | $839400.87    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Fluor Corp.                              | Fluor Corp.                                | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               | CORP              | US        |     11500 | NS      | $589605.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Taylor Morrison Home Corp.               | Taylor Morrison Home Corp., Class A        | CUSIP: 87724P106<br>LEI: 5299009UDLLGLKOOJE30 | Long             | EC               | CORP              | US        |     21800 | NS      | $1338956.00   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Walker & Dunlop, Inc.                    | Walker & Dunlop, Inc.                      | CUSIP: 93148P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14980 | NS      | $1055790.40   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Steven Madden Ltd.                       | Steven Madden Ltd.                         | CUSIP: 556269108<br>LEI: 549300Z9GZ7GYJWSGF43 | Long             | EC               | CORP              | US        |     37300 | NS      | $894454.00    | 0.84%             |  |  |  | No            |                  1 | On Loan: —       |
| Teekay Tankers Ltd.                      | Teekay Tankers Ltd., Class A               | CUSIP: N/A<br>LEI: 549300DE8ZAIYS2T6Q22       | Long             | EC               | CORP              | BM        |     16300 | NS      | $680036.00    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Business First Bancshares, Inc.          | Business First Bancshares, Inc.            | CUSIP: 12326C105<br>LEI: 549300ILTC50KHDX4A08 | Long             | EC               | CORP              | US        |     46500 | NS      | $1146225.00   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Aramark                                  | Aramark                                    | CUSIP: 03852U106<br>LEI: 549300MR6PG2DWZUIL39 | Long             | EC               | CORP              | US        |     17600 | NS      | $736912.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Concentra Group Holdings Parent, Inc.    | Concentra Group Holdings Parent, Inc.      | CUSIP: 20603L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     43100 | NS      | $886567.00    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| MFA Financial, Inc.                      | MFA Financial, Inc.                        | CUSIP: 55272X607<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | EC               | CORP              | US        |     93700 | NS      | $886402.00    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Putnam Cash Collateral Pool LLC          | Putnam Cash Collateral Pool LLC            | CUSIP: 99311N9A5<br>LEI: 5493005HRIV7IFMKD774 | Long             | STIV             | PF                | US        |   8599310 | NS      | $8599310.00   | 8.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Griffon Corp.                            | Griffon Corp.                              | CUSIP: 398433102<br>LEI: 5493000C2SGNC7ZN3242 | Long             | EC               | CORP              | US        |     14600 | NS      | $1056602.00   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Bird Corp.                          | Blue Bird Corp.                            | CUSIP: 095306106<br>LEI: 5493004ZXJUUWQ65ER59 | Long             | EC               | CORP              | US        |     25600 | NS      | $1104896.00   | 1.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Terex Corp.                              | Terex Corp.                                | CUSIP: 880779103<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | EC               | CORP              | US        |     23300 | NS      | $1087877.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Tronox Holdings plc                      | Tronox Holdings plc                        | CUSIP: N/A<br>LEI: 549300NRVC84SGJSXV06       | Long             | EC               | CORP              | GB        |    234900 | NS      | $1190943.00   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Popular, Inc.                            | Popular, Inc.                              | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | PR        |     11000 | NS      | $1212310.00   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Janux Therapeutics, Inc.                 | Janux Therapeutics, Inc.                   | CUSIP: 47103J105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13046 | NS      | $301362.60    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| La-Z-Boy, Inc.                           | La-Z-Boy, Inc.                             | CUSIP: 505336107<br>LEI: 549300WNO1WMN9ZG2519 | Long             | EC               | CORP              | US        |     22100 | NS      | $821457.00    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Algonquin Power & Utilities Corp.        | Algonquin Power & Utilities Corp.          | CUSIP: 015857105<br>LEI: 549300K5VIUTJXQL7X75 | Long             | EC               | CORP              | CA        |    188300 | NS      | $1078959.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: —       |
| Flushing Financial Corp.                 | Flushing Financial Corp.                   | CUSIP: 343873105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     45807 | NS      | $544187.16    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Rithm Capital Corp.                      | Rithm Capital Corp.                        | CUSIP: 64828T201<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EC               | CORP              | US        |    111580 | NS      | $1259738.20   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultragenyx Pharmaceutical, Inc.          | Ultragenyx Pharmaceutical, Inc.            | CUSIP: 90400D108<br>LEI: 529900EV44GVDN1DCX77 | Long             | EC               | CORP              | US        |     19100 | NS      | $694476.00    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| H2O America                              | H2O America                                | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20400 | NS      | $1060188.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Aspen Insurance Holdings Ltd.            | Aspen Insurance Holdings Ltd., Class A     | CUSIP: N/A<br>LEI: 549300YX6HECG9XQCQ75       | Long             | EC               | CORP              | BM        |     13548 | NS      | $426355.56    | 0.40%             |  |  |  | No            |                  1 | On Loan: —       |
| Huntsman Corp.                           | Huntsman Corp.                             | CUSIP: 447011107<br>LEI: 5299000V56320A7RIQ67 | Long             | EC               | CORP              | US        |     76500 | NS      | $797130.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Codexis, Inc.                            | Codexis, Inc.                              | CUSIP: 192005106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    110600 | NS      | $269864.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB Financial Corp.                      | UMB Financial Corp.                        | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |     11200 | NS      | $1177792.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Horace Mann Educators Corp.              | Horace Mann Educators Corp.                | CUSIP: 440327104<br>LEI: 254900G5YAV3A2YK8T32 | Long             | EC               | CORP              | US        |     22400 | NS      | $962528.00    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyward Specialty Insurance Group, Inc.  | Skyward Specialty Insurance Group, Inc.    | CUSIP: 830940102<br>LEI: 549300GXGXJG0YH4VN21 | Long             | EC               | CORP              | US        |     13205 | NS      | $763116.95    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| NBT Bancorp, Inc.                        | NBT Bancorp, Inc.                          | CUSIP: 628778102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20000 | NS      | $831000.00    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Mattel, Inc.                             | Mattel, Inc.                               | CUSIP: 577081102<br>LEI: 549300VELLG24KHTJ564 | Long             | EC               | CORP              | US        |     27200 | NS      | $536384.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Coastal Financial Corp.                  | Coastal Financial Corp.                    | CUSIP: 19046P209<br>LEI: 549300XG5L36T6IU0B47 | Long             | EC               | CORP              | US        |     11970 | NS      | $1159533.90   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Axos Financial, Inc.                     | Axos Financial, Inc.                       | CUSIP: 05465C100<br>LEI: 529900D8M56422GK9O25 | Long             | EC               | CORP              | US        |     19200 | NS      | $1459968.00   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| DocGo, Inc.                              | DocGo, Inc.                                | CUSIP: 256086109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    149700 | NS      | $235029.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan America SA                         | Titan America SA                           | CUSIP: N/A<br>LEI: 9845007APCB6462D6C46       | Long             | EC               | CORP              | BE        |     68308 | NS      | $852483.84    | 0.80%             |  |  |  | No            |                  1 | On Loan: —       |
| Herc Holdings, Inc.                      | Herc Holdings, Inc.                        | CUSIP: 42704L104<br>LEI: 549300TP80QLITMSBP82 | Long             | EC               | CORP              | US        |      5241 | NS      | $690187.29    | 0.65%             |  |  |  | No            |                  1 | On Loan: —       |
| Magnolia Oil & Gas Corp.                 | Magnolia Oil & Gas Corp., Class A          | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23285 | NS      | $523446.80    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| MasterCraft Boat Holdings, Inc.          | MasterCraft Boat Holdings, Inc.            | CUSIP: 57637H103<br>LEI: 549300IXWX41555YJ117 | Long             | EC               | CORP              | US        |     69259 | NS      | $1286832.22   | 1.21%             |  |  |  | No            |                  1 | On Loan: —       |
| ConnectOne Bancorp, Inc.                 | ConnectOne Bancorp, Inc.                   | CUSIP: 20786W107<br>LEI: 549300E2M5ZYAZKUK134 | Long             | EC               | CORP              | US        |     52909 | NS      | $1225372.44   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Ichor Holdings Ltd.                      | Ichor Holdings Ltd.                        | CUSIP: N/A<br>LEI: 529900PS8R2JVLJ2H892       | Long             | EC               | CORP              | KY        |     47109 | NS      | $925220.76    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| SkyWest, Inc.                            | SkyWest, Inc.                              | CUSIP: 830879102<br>LEI: 529900UYS2KGS6Z42P09 | Long             | EC               | CORP              | US        |     11900 | NS      | $1225343.00   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Ladder Capital Corp.                     | Ladder Capital Corp., Class A              | CUSIP: 505743104<br>LEI: 549300Q6LLV2QCV67C06 | Long             | EC               | CORP              | US        |    114512 | NS      | $1231004.00   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| SouthState Corp.                         | SouthState Corp.                           | CUSIP: 840441109<br>LEI: 549300JZUANXM0YQ4W53 | Long             | EC               | CORP              | US        |     11300 | NS      | $1039939.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Unitil Corp.                             | Unitil Corp.                               | CUSIP: 913259107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12680 | NS      | $661262.00    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Resources Corp.                   | Antero Resources Corp.                     | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |     15600 | NS      | $628368.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Extreme Networks, Inc.                   | Extreme Networks, Inc.                     | CUSIP: 30226D106<br>LEI: 549300WRECW11X94UB57 | Long             | EC               | CORP              | US        |     88100 | NS      | $1581395.00   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpine Income Property Trust, Inc.       | Alpine Income Property Trust, Inc.         | CUSIP: 02083X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     58769 | NS      | $864491.99    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Cavco Industries, Inc.                   | Cavco Industries, Inc.                     | CUSIP: 149568107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2700 | NS      | $1172961.00   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Perrigo Co. plc                          | Perrigo Co. plc                            | CUSIP: N/A<br>LEI: 549300IFOQS6R1QLY196       | Long             | EC               | CORP              | IE        |     48200 | NS      | $1287904.00   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Star Bancorp                        | Five Star Bancorp                          | CUSIP: 33830T103<br>LEI: 5493008ZRBIHKWC0JA73 | Long             | EC               | CORP              | US        |     39135 | NS      | $1116912.90   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Insteel Industries, Inc.                 | Insteel Industries, Inc.                   | CUSIP: 45774W108<br>LEI: 52990026LKY4MOX3L174 | Long             | EC               | CORP              | US        |     22200 | NS      | $826062.00    | 0.78%             |  |  |  | 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        |     41700 | NS      | $1005387.00   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrim BanCorp, Inc.                   | Northrim BanCorp, Inc.                     | CUSIP: 666762109<br>LEI: 5493006X7RLLTZ3SG075 | Long             | EC               | CORP              | US        |     12400 | NS      | $1156424.00   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Sally Beauty Holdings, Inc.              | Sally Beauty Holdings, Inc.                | CUSIP: 79546E104<br>LEI: 529900VXW6E8ONDIQ271 | Long             | EC               | CORP              | US        |    113000 | NS      | $1046380.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Encore Capital Group, Inc.               | Encore Capital Group, Inc.                 | CUSIP: 292554102<br>LEI: 5493000UVC6H49CIH830 | Long             | EC               | CORP              | US        |     25500 | NS      | $987105.00    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| UMH Properties, Inc.                     | UMH Properties, Inc.                       | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EC               | CORP              | US        |     50800 | NS      | $852932.00    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Turning Point Brands, Inc.               | Turning Point Brands, Inc.                 | CUSIP: 90041L105<br>LEI: 549300IYG00QF0VVP302 | Long             | EC               | CORP              | US        |     12211 | NS      | $925227.47    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Origin Bancorp, Inc.                     | Origin Bancorp, Inc.                       | CUSIP: 68621T102<br>LEI: 54930055DO2Z4KO3NB45 | Long             | EC               | CORP              | US        |     30400 | NS      | $1086496.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| IBEX Holdings Ltd.                       | IBEX Holdings Ltd.                         | CUSIP: N/A<br>LEI: 5493000GRFLPVYU2CX17       | Long             | EC               | CORP              | BM        |     48648 | NS      | $1415656.80   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Beazer Homes USA, Inc.                   | Beazer Homes USA, Inc.                     | CUSIP: 07556Q881<br>LEI: 549300DUPYT2T0F60I45 | Long             | EC               | CORP              | US        |     22700 | NS      | $507799.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Putnam Funds Trust                       | Putnam Short Term Investment Fund, Class P | CUSIP: 74676P664<br>LEI: 549300S9JYWEMKQCLW53 | Long             |  | RF                | US        |    304905 | NS      | $304905.17    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Abacus Global Management, Inc.           | Abacus Global Management, Inc.             | CUSIP: 00258Y104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    168600 | NS      | $866604.00    | 0.81%             |  |  |  | No            |                  1 | On Loan: —       |
| OFG Bancorp                              | OFG Bancorp                                | CUSIP: 67103X102<br>LEI: 549300Q4QEXJ37LEXQ06 | Long             | EC               | CORP              | PR        |     27100 | NS      | $1159880.00   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Gates Industrial Corp. plc               | Gates Industrial Corp. plc                 | CUSIP: N/A<br>LEI: 549300S6K4FWUSB9KM27       | Long             | EC               | CORP              | GB        |     53518 | NS      | $1232519.54   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Quipt Home Medical Corp.                 | Quipt Home Medical Corp.                   | CUSIP: 74880P104<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    242400 | NS      | $433896.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Edgewell Personal Care Co.               | Edgewell Personal Care Co.                 | CUSIP: 28035Q102<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | EC               | CORP              | US        |     38100 | NS      | $891921.00    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Proficient Auto Logistics, Inc.          | Proficient Auto Logistics, Inc.            | CUSIP: 74317M104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    117590 | NS      | $853703.40    | 0.80%             |  |  |  | No            |                  1 | On Loan: —       |
| Jefferson Capital, Inc.                  | Jefferson Capital, Inc.                    | CUSIP: 47248R103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     58722 | NS      | $1083420.90   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Major Drilling Group International, Inc. | Major Drilling Group International, Inc.   | CUSIP: 560909103<br>LEI: 549300O1MNHCX2FUBC21 | Long             | EC               | CORP              | CA        |    136500 | NS      | $888114.56    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| AGNC Investment Corp.                    | AGNC Investment Corp.                      | CUSIP: 00123Q104<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EC               | CORP              | US        |     49600 | NS      | $455824.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: —       |
| Healthcare Realty Trust, Inc.            | Healthcare Realty Trust, Inc., Class A     | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               | CORP              | US        |     45500 | NS      | $721630.00    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Perdoceo Education Corp.                 | Perdoceo Education Corp.                   | CUSIP: 71363P106<br>LEI: 529900X5PCA184O9LY90 | Long             | EC               | CORP              | US        |     36200 | NS      | $1183378.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadstone Net Lease, Inc.               | Broadstone Net Lease, Inc.                 | CUSIP: 11135E203<br>LEI: 549300U8D7PT70B49V21 | Long             | EC               | CORP              | US        |     55500 | NS      | $890775.00    | 0.84%             |  |  |  | No            |                  1 | On Loan: —       |
| Pitney Bowes, Inc.                       | Pitney Bowes, Inc.                         | CUSIP: 724479100<br>LEI: 549300N2O26NW4ST6W55 | Long             | EC               | CORP              | US        |    131800 | NS      | $1437938.00   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| American Healthcare REIT, Inc.           | American Healthcare REIT, Inc.             | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               | CORP              | US        |     16800 | NS      | $617232.00    | 0.58%             |  |  |  | No            |                  1 | On Loan: —       |
| Chefs' Warehouse, Inc. (The)             | Chefs' Warehouse, Inc. (The)               | CUSIP: 163086101<br>LEI: 549300JYEDC8C547E980 | Long             | EC               | CORP              | US        |     15000 | NS      | $957150.00    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Portland General Electric Co.            | Portland General Electric Co.              | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |     17400 | NS      | $706962.00    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| TTM Technologies, Inc.                   | TTM Technologies, Inc.                     | CUSIP: 87305R109<br>LEI: 549300SC4BDOIS008048 | Long             | EC               | CORP              | US        |     27509 | NS      | $1122917.38   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlantic Union Bankshares Corp.          | Atlantic Union Bankshares Corp.            | CUSIP: 04911A107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20896 | NS      | $653626.88    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| AZZ, Inc.                                | AZZ, Inc.                                  | CUSIP: 002474104<br>LEI: 549300HD1X2NFLWPYC83 | Long             | EC               | CORP              | US        |     12000 | NS      | $1133760.00   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Silgan Holdings, Inc.                    | Silgan Holdings, Inc.                      | CUSIP: 827048109<br>LEI: KAF673KJXD92C8KSLU49 | Long             | EC               | CORP              | US        |     14600 | NS      | $791028.00    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Tutor Perini Corp.                       | Tutor Perini Corp.                         | CUSIP: 901109108<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | EC               | CORP              | US        |     19100 | NS      | $893498.00    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Ribbon Communications, Inc.              | Ribbon Communications, Inc.                | CUSIP: 762544104<br>LEI: 549300L1E8Z8RL7CUL52 | Long             | EC               | CORP              | US        |    318268 | NS      | $1276254.68   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy, Inc.                         | NRG Energy, Inc.                           | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |      3942 | NS      | $633006.36    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Natural Resources, Inc.             | Core Natural Resources, Inc.               | CUSIP: 218937100<br>LEI: 549300YJCTPJBTK7IJ81 | Long             | EC               | CORP              | US        |     15300 | NS      | $1067022.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Unifi, Inc.                              | Unifi, Inc.                                | CUSIP: 904677200<br>LEI: 549300MW5LPO0M2LNO04 | Long             | EC               | CORP              | US        |     86839 | NS      | $453299.58    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| J Jill, Inc.                             | J Jill, Inc.                               | CUSIP: 46620W201<br>LEI: 529900I19PJIF8MIDL12 | Long             | EC               | CORP              | US        |     52507 | NS      | $768702.48    | 0.72%             |  |  |  | No            |                  1 | On Loan: —       |
| Valley National Bancorp                  | Valley National Bancorp                    | CUSIP: 919794107<br>LEI: 549300ET52S1UBIB9762 | Long             | EC               | CORP              | US        |    111700 | NS      | $997481.00    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Camping World Holdings, Inc.             | Camping World Holdings, Inc., Class A      | CUSIP: 13462K109<br>LEI: 549300E828QQI7MWI432 | Long             | EC               | CORP              | US        |     70275 | NS      | $1208027.25   | 1.13%             |  |  |  | No            |                  1 | On Loan: —       |
| Brixmor Property Group, Inc.             | Brixmor Property Group, Inc.               | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |     36600 | NS      | $953064.00    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Metropolitan Bank Holding Corp.          | Metropolitan Bank Holding Corp.            | CUSIP: 591774104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19020 | NS      | $1331400.00   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| V2X, Inc.                                | V2X, Inc.                                  | CUSIP: 92242T101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19416 | NS      | $942646.80    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| American Integrity Insurance Group, Inc. | American Integrity Insurance Group, Inc.   | CUSIP: 026948109<br>LEI: 529900Y2VOV2LYV4OK68 | Long             | EC               | CORP              | US        |     45456 | NS      | $835935.84    | 0.78%             |  |  |  | No            |                  1 | On Loan: —       |
| MiMedx Group, Inc.                       | MiMedx Group, Inc.                         | CUSIP: 602496101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    145700 | NS      | $890227.00    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Veracyte, Inc.                           | Veracyte, Inc.                             | CUSIP: 92337F107<br>LEI: 529900ESWZRHXOW27Z37 | Long             | EC               | CORP              | US        |     41213 | NS      | $1113987.39   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Kemper Corp.                             | Kemper Corp.                               | CUSIP: 488401100<br>LEI: 549300FNI1JKTRY2PV09 | Long             | EC               | CORP              | US        |     13200 | NS      | $851928.00    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Putnam Variable Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer