# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0002071691-26-003992
**Filing Date:** 2026-2
**Character Count:** 36741
**Document Hash:** dd7358ac2dacce1c6ec1e40fde73f191
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-003992.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0002071691-26-003992

**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:** 26675146

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

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

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

## Series and Classes Contracts Data

### Putnam VT Small Cap Growth Fund (Series ID: S000003883)

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

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

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

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

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

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

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

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

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

**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:** $38852580.27

**Total Liabilities:** $1234613.52

**Net Assets:** $37617966.75

**Cash Not Reported:** $843.07

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010861 | 1.48%                | -1.38%               | -2.31%               |
| Class ID C000010862 | 1.45%                | -1.43%               | -2.31%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-419698.40              | $1012576.03                                |
| Month 2  | $124294.00               | $-658800.45                                |
| Month 3  | $208383.07               | $-1080066.76                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ADMA Biologics, Inc.                      | ADMA Biologics, Inc.                       | CUSIP: 000899104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21845 | NS      | $398452.80    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ACI Worldwide, Inc.                       | ACI Worldwide, Inc.                        | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               | CORP              | US        |     13160 | NS      | $629179.60    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Adtalem Global Education, Inc.            | Adtalem Global Education, Inc.             | CUSIP: 00737L103<br>LEI: 549300Z467EZLMODV621 | Long             | EC               | CORP              | US        |      4752 | NS      | $491689.44    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Energy Industries, Inc.          | Advanced Energy Industries, Inc.           | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               | CORP              | US        |      3937 | NS      | $824289.69    | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| AeroVironment, Inc.                       | AeroVironment, Inc.                        | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |       985 | NS      | $238261.65    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilysys, Inc.                            | Agilysys, Inc.                             | CUSIP: 00847J105<br>LEI: 5299001XWB5V3B5IPN93 | Long             | EC               | CORP              | US        |      3620 | NS      | $430200.80    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Digital Corp.                     | Applied Digital Corp.                      | CUSIP: 038169207<br>LEI: 2549004NE2B6RYXINZ02 | Long             | EC               | CORP              | US        |      7240 | NS      | $177524.80    | 0.47%             |  |  |  | No            |                  1 | On Loan: —       |
| Applied Industrial Technologies, Inc.     | Applied Industrial Technologies, Inc.      | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |      2259 | NS      | $580043.43    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Archrock, Inc.                            | Archrock, Inc.                             | CUSIP: 03957W106<br>LEI: 549300K3RIHMHDVFTL28 | Long             | EC               | CORP              | US        |     14260 | NS      | $371045.20    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcus Biosciences, Inc.                   | Arcus Biosciences, Inc.                    | CUSIP: 03969F109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3700 | NS      | $88171.00     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascendis Pharma A/S                       | Ascendis Pharma A/S                        | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |      1372 | NS      | $292565.28    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Axsome Therapeutics, Inc.                 | Axsome Therapeutics, Inc.                  | CUSIP: 05464T104<br>LEI: 549300EXGR0XLRJEIB95 | Long             | EC               | CORP              | US        |      2325 | NS      | $424638.00    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Axos Financial, Inc.                      | Axos Financial, Inc.                       | CUSIP: 05465C100<br>LEI: 529900D8M56422GK9O25 | Long             | EC               | CORP              | US        |      2760 | NS      | $237801.60    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancorp, Inc. (The)                       | Bancorp, Inc. (The)                        | CUSIP: 05969A105<br>LEI: 894500FP2ICT1B019Y71 | Long             | EC               | CORP              | US        |      7330 | NS      | $494921.60    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Bloom Energy Corp.                        | Bloom Energy Corp., Class A                | CUSIP: 093712107<br>LEI: 549300XB5J9BFW5JXV97 | Long             | EC               | CORP              | US        |      6180 | NS      | $536980.20    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Blueprint Medicines Corp.                 | Blueprint Medicines Corp., CVR             | CUSIP: 096CVR048<br>LEI: 5299004CC60O9T5HVM83 | Long             |  | CORP              | US        |       961 | NS      | $442.06       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Boot Barn Holdings, Inc.                  | Boot Barn Holdings, Inc.                   | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |      3255 | NS      | $574409.85    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridgebio Pharma, Inc.                    | Bridgebio Pharma, Inc.                     | CUSIP: 10806X102<br>LEI: 54930028YG89VTY2J114 | Long             | EC               | CORP              | US        |      5580 | NS      | $426814.20    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Putnam Cash Collateral Pool LLC           | Putnam Cash Collateral Pool LLC            | CUSIP: 99311N9A5<br>LEI: 5493005HRIV7IFMKD774 | Long             | STIV             | PF                | US        |   1124149 | NS      | $1124149.00   | 2.99%             |  |  |  | No            |                  2 | On Loan: No      |
| CECO Environmental Corp.                  | CECO Environmental Corp.                   | CUSIP: 125141101<br>LEI: 5493002CZCTL4HGLIY91 | Long             | EC               | CORP              | US        |      2010 | NS      | $120298.50    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Carpenter Technology Corp.                | Carpenter Technology Corp.                 | CUSIP: 144285103<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | EC               | CORP              | US        |      2963 | NS      | $932870.92    | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Casella Waste Systems, Inc.               | Casella Waste Systems, Inc., Class A       | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |      2271 | NS      | $222421.74    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Cavco Industries, Inc.                    | Cavco Industries, Inc.                     | CUSIP: 149568107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       345 | NS      | $203805.30    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Centrus Energy Corp.                      | Centrus Energy Corp., Class A              | CUSIP: 15643U104<br>LEI: 549300G6VDK9G8276661 | Long             | EC               | CORP              | US        |       775 | NS      | $188139.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: —       |
| CG oncology, Inc.                         | CG oncology, Inc.                          | CUSIP: 156944100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1550 | NS      | $64356.00     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Coeur Mining, Inc.                        | Coeur Mining, Inc.                         | CUSIP: 192108504<br>LEI: 5493003AVK173D48DR70 | Long             | EC               | CORP              | US        |      9205 | NS      | $164125.15    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA, Inc.                 | Comfort Systems USA, Inc.                  | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |      1060 | NS      | $989287.40    | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Commvault Systems, Inc.                   | Commvault Systems, Inc.                    | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |      1930 | NS      | $241944.80    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Construction Partners, Inc.               | Construction Partners, Inc., Class A       | CUSIP: 21044C107<br>LEI: 549300MHLFL4E8JLZU44 | Long             | EC               | CORP              | US        |      4740 | NS      | $514527.00    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Crane Co.                                 | Crane Co.                                  | CUSIP: 224408104<br>LEI: 5493000CQRQOTHUODL75 | Long             | EC               | CORP              | US        |      2480 | NS      | $457386.40    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Dave, Inc.                                | Dave, Inc.                                 | CUSIP: 23834J201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1010 | NS      | $223624.10    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Descartes Systems Group, Inc. (The)       | Descartes Systems Group, Inc. (The)        | CUSIP: 249906108<br>LEI: 875500NEPA7JI5EOMN45 | Long             | EC               | CORP              | CA        |      6280 | NS      | $550504.80    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalOcean Holdings, Inc.               | DigitalOcean Holdings, Inc.                | CUSIP: 25402D102<br>LEI: 549300EPISPY3RE3DL21 | Long             | EC               | CORP              | US        |      3885 | NS      | $186946.20    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Doximity, Inc.                            | Doximity, Inc., Class A                    | CUSIP: 26622P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6560 | NS      | $290476.80    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Dycom Industries, Inc.                    | Dycom Industries, Inc.                     | CUSIP: 267475101<br>LEI: 549300F56EKTHQI3WT60 | Long             | EC               | CORP              | US        |      1465 | NS      | $495023.50    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp.                    | Encompass Health Corp.                     | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |      6755 | NS      | $716975.70    | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Fuels, Inc.                        | Energy Fuels, Inc.                         | CUSIP: 292671708<br>LEI: 529900P0GCATXMGK8I62 | Long             | EC               | CORP              | CA        |      7530 | NS      | $109486.20    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Enova International, Inc.                 | Enova International, Inc.                  | CUSIP: 29357K103<br>LEI: 549300O8XOCQSB49UO63 | Long             | EC               | CORP              | US        |      4003 | NS      | $629271.60    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group, Inc. (The)                  | Ensign Group, Inc. (The)                   | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |      4215 | NS      | $734253.00    | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Signal Corp.                      | Federal Signal Corp.                       | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |      4697 | NS      | $510047.23    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| FormFactor, Inc.                          | FormFactor, Inc.                           | CUSIP: 346375108<br>LEI: 549300YCEEO6SZD1ZR61 | Long             | EC               | CORP              | US        |      2400 | NS      | $133872.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardant Health, Inc.                     | Guardant Health, Inc.                      | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |      3655 | NS      | $373321.70    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Halozyme Therapeutics, Inc.               | Halozyme Therapeutics, Inc.                | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |      7625 | NS      | $513162.50    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Hims & Hers Health, Inc.                  | Hims & Hers Health, Inc.                   | CUSIP: 433000106<br>LEI: 254900V041EIVTSB6D58 | Long             | EC               | CORP              | US        |      4955 | NS      | $160888.85    | 0.43%             |  |  |  | No            |                  1 | On Loan: —       |
| Huron Consulting Group, Inc.              | Huron Consulting Group, Inc.               | CUSIP: 447462102<br>LEI: 549300NGVB9H6TKTLE36 | Long             | EC               | CORP              | US        |      5200 | NS      | $899132.00    | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| IES Holdings, Inc.                        | IES Holdings, Inc.                         | CUSIP: 44951W106<br>LEI: 549300687T8E6LN6EN72 | Long             | EC               | CORP              | US        |      1265 | NS      | $492110.30    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| iRhythm Technologies, Inc.                | iRhythm Technologies, Inc.                 | CUSIP: 450056106<br>LEI: 549300FJI72RJGDQS384 | Long             | EC               | CORP              | US        |       895 | NS      | $158808.80    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed, Inc.                              | Insmed, Inc.                               | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |      2175 | NS      | $378537.00    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Installed Building Products, Inc.         | Installed Building Products, Inc.          | CUSIP: 45780R101<br>LEI: 549300I95Y9P9YM5FI86 | Long             | EC               | CORP              | US        |      2130 | NS      | $552500.70    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital, Inc.                        | InterDigital, Inc.                         | CUSIP: 45867G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       664 | NS      | $211404.32    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| IonQ, Inc.                                | IonQ, Inc.                                 | CUSIP: 46222L108<br>LEI: 529900RB2VEFGLQS7G28 | Long             | EC               | CORP              | US        |      6715 | NS      | $301302.05    | 0.80%             |  |  |  | No            |                  1 | On Loan: —       |
| Itron, Inc.                               | Itron, Inc.                                | CUSIP: 465741106<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | EC               | CORP              | US        |      2520 | NS      | $234007.20    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| JBT Marel Corp.                           | JBT Marel Corp.                            | CUSIP: 477839104<br>LEI: 5493007CT6ATBZ2L6826 | Long             | EC               | CORP              | US        |      1370 | NS      | $206417.90    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group, Inc.               | Kinsale Capital Group, Inc.                | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |       540 | NS      | $211204.80    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Kratos Defense & Security Solutions, Inc. | Kratos Defense & Security Solutions, Inc.  | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |      7865 | NS      | $597032.15    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Kymera Therapeutics, Inc.                 | Kymera Therapeutics, Inc.                  | CUSIP: 501575104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2865 | NS      | $222925.65    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Legence Corp.                             | Legence Corp., Class A                     | CUSIP: 52476L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6131 | NS      | $263878.24    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Madrigal Pharmaceuticals, Inc.            | Madrigal Pharmaceuticals, Inc.             | CUSIP: 558868105<br>LEI: 549300CHIMT2EUSNJB60 | Long             | EC               | CORP              | US        |       675 | NS      | $393079.50    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings, Inc.                    | Medpace Holdings, Inc.                     | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |      1070 | NS      | $600965.50    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury Systems, Inc.                     | Mercury Systems, Inc.                      | CUSIP: 589378108<br>LEI: 549300P3B84SGK7HH679 | Long             | EC               | CORP              | US        |      1635 | NS      | $119371.35    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Merit Medical Systems, Inc.               | Merit Medical Systems, Inc.                | CUSIP: 589889104<br>LEI: 549300OYTY138SP2CE83 | Long             | EC               | CORP              | US        |      3470 | NS      | $305845.80    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirion Technologies, Inc.                 | Mirion Technologies, Inc., Class A         | CUSIP: 60471A101<br>LEI: 549300BNTOWVWFNVTJ65 | Long             | EC               | CORP              | US        |      8896 | NS      | $208344.32    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuvalent, Inc.                            | Nuvalent, Inc., Class A                    | CUSIP: 670703107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1761 | NS      | $177138.99    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Ollie's Bargain Outlet Holdings, Inc.     | Ollie's Bargain Outlet Holdings, Inc.      | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |      2745 | NS      | $300879.45    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Parsons Corp.                             | Parsons Corp.                              | CUSIP: 70202L102<br>LEI: 549300ZXH0VRBSEPX752 | Long             | EC               | CORP              | US        |      3055 | NS      | $188799.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Patrick Industries, Inc.                  | Patrick Industries, Inc.                   | CUSIP: 703343103<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | EC               | CORP              | US        |      4327 | NS      | $469176.61    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Pegasystems, Inc.                         | Pegasystems, Inc.                          | CUSIP: 705573103<br>LEI: 549300FMCOKPL06FYN26 | Long             | EC               | CORP              | US        |      8715 | NS      | $520459.80    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Perella Weinberg Partners                 | Perella Weinberg Partners, Class A         | CUSIP: 71367G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10715 | NS      | $185369.50    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Piper Sandler Cos.                        | Piper Sandler Cos.                         | CUSIP: 724078100<br>LEI: QUQDBTUSOAKFEVMRMF78 | Long             | EC               | CORP              | US        |      1045 | NS      | $354996.95    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Planet Fitness, Inc.                      | Planet Fitness, Inc., Class A              | CUSIP: 72703H101<br>LEI: 549300LLE5HUPF6H8G33 | Long             | EC               | CORP              | US        |      3540 | NS      | $383983.80    | 1.02%             |  |  |  | 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        |    944059 | NS      | $944058.61    | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| RadNet, Inc.                              | RadNet, Inc.                               | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |      4510 | NS      | $321788.50    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Rambus, Inc.                              | Rambus, Inc.                               | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |      3300 | NS      | $303237.00    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC Bearings, Inc.                        | RBC Bearings, Inc.                         | CUSIP: 75524B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1881 | NS      | $843496.83    | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Rhythm Pharmaceuticals, Inc.              | Rhythm Pharmaceuticals, Inc.               | CUSIP: 76243J105<br>LEI: 529900JPNWXQ8DPLA551 | Long             | EC               | CORP              | US        |      3605 | NS      | $385879.20    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Rocket Lab Corp.                          | Rocket Lab Corp.                           | CUSIP: 773121108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3770 | NS      | $262995.20    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX Technologies, Inc.                    | SPX Technologies, Inc.                     | CUSIP: 78473E103<br>LEI: P761FCI0CPOG24I8JE10 | Long             | EC               | CORP              | US        |      3327 | NS      | $665599.62    | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| GeneDx Holdings Corp.                     | GeneDx Holdings Corp., Class A             | CUSIP: 81663L200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2865 | NS      | $372621.90    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| SiTime Corp.                              | SiTime Corp.                               | CUSIP: 82982T106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       950 | NS      | $335530.50    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyward Specialty Insurance Group, Inc.   | Skyward Specialty Insurance Group, Inc.    | CUSIP: 830940102<br>LEI: 549300GXGXJG0YH4VN21 | Long             | EC               | CORP              | US        |      5285 | NS      | $270116.35    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| StepStone Group, Inc.                     | StepStone Group, Inc., Class A             | CUSIP: 85914M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9935 | NS      | $637528.95    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Sterling Infrastructure, Inc.             | Sterling Infrastructure, Inc.              | CUSIP: 859241101<br>LEI: 549300RZIK6K1215XU51 | Long             | EC               | CORP              | US        |       660 | NS      | $202111.80    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Talen Energy Corp.                        | Talen Energy Corp.                         | CUSIP: 87422Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       505 | NS      | $189294.20    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Tarsus Pharmaceuticals, Inc.              | Tarsus Pharmaceuticals, Inc.               | CUSIP: 87650L103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       890 | NS      | $72873.20     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Roadhouse, Inc.                     | Texas Roadhouse, Inc., Class A             | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |      1595 | NS      | $264770.00    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Technologies, Inc.                    | UFP Technologies, Inc.                     | CUSIP: 902673102<br>LEI: 549300RJ8LY41HS70C91 | Long             | EC               | CORP              | US        |       861 | NS      | $191167.83    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| VSE Corp.                                 | VSE Corp.                                  | CUSIP: 918284100<br>LEI: 549300QWJYQDH4U5XI15 | Long             | EC               | CORP              | US        |      3795 | NS      | $655662.15    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex, Inc.                              | Vertex, Inc., Class A                      | CUSIP: 92538J106<br>LEI: 549300QMYW171MP1PL50 | Long             | EC               | CORP              | US        |      4089 | NS      | $81657.33     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Waystar Holding Corp.                     | Waystar Holding Corp.                      | CUSIP: 946784105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3728 | NS      | $122092.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Xenon Pharmaceuticals, Inc.               | Xenon Pharmaceuticals, Inc.                | CUSIP: 98420N105<br>LEI: 549300XV44Q9Z1MIPQ03 | Long             | EC               | CORP              | CA        |      4296 | NS      | $192546.72    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Aritzia, Inc.                             | Aritzia, Inc.                              | CUSIP: 04045U102<br>LEI: 549300U83HKFRL1EX527 | Long             | EC               | CORP              | CA        |      7720 | NS      | $660042.99    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Colliers International Group, Inc.        | Colliers International Group, Inc.         | CUSIP: 194693107<br>LEI: D3O8K13PHLEXXD1DT480 | Long             | EC               | CORP              | CA        |      3780 | NS      | $555591.56    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| CES Energy Solutions Corp.                | CES Energy Solutions Corp.                 | CUSIP: 15713J104<br>LEI: 984500NF54914EB1B646 | Long             | EC               | CORP              | CA        |     26604 | NS      | $237828.19    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Credo Technology Group Holding Ltd.       | Credo Technology Group Holding Ltd.        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KY        |      4350 | NS      | $625921.50    | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Establishment Labs Holdings, Inc.         | Establishment Labs Holdings, Inc.          | CUSIP: N/A<br>LEI: 549300BCBQ714JNJ7V58       | Long             | EC               | CORP              | VG        |      1260 | NS      | $91828.80     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Fabrinet                                  | Fabrinet                                   | CUSIP: N/A<br>LEI: 5493004TETZ6IYF7CV44       | Long             | EC               | CORP              | KY        |      1375 | NS      | $626010.00    | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd.                        | FTAI Aviation Ltd.                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KY        |      1690 | NS      | $332676.50    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Camtek Ltd.                               | Camtek Ltd.                                | CUSIP: N/A<br>LEI: 5493000H80W07HCKGS43       | Long             | EC               | CORP              | IL        |      3660 | NS      | $389222.70    | 1.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Nova Ltd.                                 | Nova Ltd.                                  | CUSIP: N/A<br>LEI: 529900B2DSWE5V3SC292       | Long             | EC               | CORP              | IL        |      2965 | NS      | $973676.35    | 2.59%             |  |  |  | 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