# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0000869392-23-000423
**Filing Date:** 2023-2
**Character Count:** 36179
**Document Hash:** acb6453ed327d7581b9f7ed8f873af1a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000869392-23-000423.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0000869392-23-000423

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM VARIABLE TRUST
- **CENTRAL INDEX KEY:** 0000822671
- **IRS NUMBER:** 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:** 23667963

**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:** 1-800-225-1581

**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:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $125824316.86

**Total Liabilities:** $13843635.43

**Net Assets:** $111980681.43

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010871 | -6.40%               | 0.70%                | 14.91%               |
| Class ID C000010872 | -6.36%               | 0.62%                | 14.91%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-189119.34              | $-7777741.84                               |
| Month 2  | $-201728.43              | $904671.44                                 |
| Month 3  | $-710939.36              | $16482411.69                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AVIAT NETWORKS INC                       | COMMON STOCK        | CUSIP: 05366Y201<br>LEI: 549300Z3X8Z4MK52CI65 | Long             | EC               | CORP              | US        |     66570 | NS      | $2076318.30   | 1.85%             |  |  |  | No            |                  1 | On Loan: —       |
| EDGIO INC                                | COMMON STOCK        | CUSIP: 53261M104<br>LEI: 529900BNCMDQGEKW5M59 | Long             | EC               | CORP              | US        |    407200 | NS      | $460136.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| TITAN MACHINERY INC                      | COMMON STOCK        | CUSIP: 88830R101<br>LEI: 549300835ZM8G0BT5C94 | Long             | EC               | CORP              | US        |      9720 | NS      | $386175.60    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| HILLENBRAND INC                          | COMMON STOCK        | CUSIP: 431571108<br>LEI: U246OE781574J2BUD366 | Long             | EC               | CORP              | US        |     24000 | NS      | $1024080.00   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| WALKER  AND  DUNLOP INC                  | COMMON STOCK        | CUSIP: 93148P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17680 | NS      | $1387526.40   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| RLJ LODGING TRUST                        | COMMON STOCK        | CUSIP: 74965L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     98040 | NS      | $1038243.60   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| ACADIA HEALTHCARE CO INC                 | COMMON STOCK        | CUSIP: 00404A109<br>LEI: 5493005CW985Y9D0NC11 | Long             | EC               | CORP              | US        |     15405 | NS      | $1268139.60   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| MRC GLOBAL INC                           | COMMON STOCK        | CUSIP: 55345K103<br>LEI: 529900TSBPOLCLI2L582 | Long             | EC               | CORP              | US        |    138720 | NS      | $1606377.60   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| CHUY'S HOLDINGS INC                      | COMMON STOCK        | CUSIP: 171604101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     44200 | NS      | $1250860.00   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| DAVE  AND  BUSTER'S ENTERTAINMENT INC    | COMMON STOCK        | CUSIP: 238337109<br>LEI: 529900WTVU85QZLYHR86 | Long             | EC               | CORP              | US        |     32400 | NS      | $1148256.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SPIRIT REALTY CAPITAL INC                | COMMON STOCK        | CUSIP: 84860W300<br>LEI: 549300LTU6LVPZSHMJ25 | Long             | EC               | CORP              | US        |     30459 | NS      | $1216227.87   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| RITHM CAPITAL CORP                       | COMMON STOCK        | CUSIP: 64828T201<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EC               | CORP              | US        |    175780 | NS      | $1436122.60   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| VERACYTE INC                             | COMMON STOCK        | CUSIP: 92337F107<br>LEI: 529900ESWZRHXOW27Z37 | Long             | EC               | CORP              | US        |     54400 | NS      | $1290912.00   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| LADDER CAPITAL CORP                      | COMMON STOCK        | CUSIP: 505743104<br>LEI: 549300Q6LLV2QCV67C06 | Long             | EC               | CORP              | US        |    162412 | NS      | $1630616.48   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| XENCOR INC                               | COMMON STOCK        | CUSIP: 98401F105<br>LEI: 549300V5IF65437JKG30 | Long             | EC               | CORP              | US        |     35200 | NS      | $916608.00    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| HERITAGE INSURANCE HOLDINGS INC          | COMMON STOCK        | CUSIP: 42727J102<br>LEI: 9845008CCYDD87F66B45 | Long             | EC               | CORP              | US        |     82004 | NS      | $147607.20    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| V2X INC                                  | COMMON STOCK        | CUSIP: 92242T101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     39358 | NS      | $1625091.82   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| VERITEX HOLDINGS INC                     | COMMON STOCK        | CUSIP: 923451108<br>LEI: 549300F3SMOML02SC814 | Long             | EC               | CORP              | US        |     32300 | NS      | $906984.00    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST FOUNDATION INC                     | COMMON STOCK        | CUSIP: 32026V104<br>LEI: 254900TQZQ6LBCK77E82 | Long             | EC               | CORP              | US        |     65303 | NS      | $935791.99    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINOOK THERAPEUTICS INC                 | COMMON STOCK        | CUSIP: 16961L106<br>LEI: 549300X0O3003W5QYQ48 | Long             | EC               | CORP              | US        |     55100 | NS      | $1443620.00   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE HOSPITALITY REIT INC               | COMMON STOCK        | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |     93600 | NS      | $1477008.00   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| LANTHEUS HOLDINGS INC                    | COMMON STOCK        | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |     14140 | NS      | $720574.40    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY BANCSHARES INC                    | COMMON STOCK        | CUSIP: 29460X109<br>LEI: 549300BPQ2EJNU4WF694 | Long             | EC               | CORP              | US        |     36300 | NS      | $1185921.00   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| HOSTESS BRANDS INC                       | COMMON STOCK        | CUSIP: 44109J106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     43900 | NS      | $985116.00    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| TURNING POINT BRANDS INC                 | COMMON STOCK        | CUSIP: 90041L105<br>LEI: 549300IYG00QF0VVP302 | Long             | EC               | CORP              | US        |     51700 | NS      | $1118271.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: —       |
| INTERNATIONAL SEAWAYS INC                | COMMON STOCK        | CUSIP: Y41053102<br>LEI: 549300YUFDGFRNGBWF46 | Long             | EC               | CORP              | US        |     11700 | NS      | $433134.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLSCOT MOBILE MINI HOLDINGS CORP       | COMMON STOCK        | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |     22892 | NS      | $1034031.64   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| RIBBON COMMUNICATIONS INC                | COMMON STOCK        | CUSIP: 762544104<br>LEI: 549300L1E8Z8RL7CUL52 | Long             | EC               | CORP              | US        |    448600 | NS      | $1251594.00   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| METROPOLITAN BANK HOLDING CORP           | COMMON STOCK        | CUSIP: 591774104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12584 | NS      | $738303.28    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| LIBERTY ENERGY INC                       | COMMON STOCK        | CUSIP: 53115L104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     65900 | NS      | $1055059.00   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIDGEWATER BANCSHARES INC               | COMMON STOCK        | CUSIP: 108621103<br>LEI: 5493001FLSBTVILKXZ71 | Long             | EC               | CORP              | US        |     62680 | NS      | $1111943.20   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCUS BIOSCIENCES INC                    | COMMON STOCK        | CUSIP: 03969F109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     39200 | NS      | $810656.00    | 0.72%             |  |  |  | No            |                  1 | On Loan: —       |
| ORIGIN BANCORP INC                       | COMMON STOCK        | CUSIP: 68621T102<br>LEI: 54930055DO2Z4KO3NB45 | Long             | EC               | CORP              | US        |     27200 | NS      | $998240.00    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| COASTAL FINANCIAL CORP/WA                | COMMON STOCK        | CUSIP: 19046P209<br>LEI: 549300XG5L36T6IU0B47 | Long             | EC               | CORP              | US        |     25363 | NS      | $1205249.76   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MAGNOLIA OIL  AND  GAS CORP              | COMMON STOCK        | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35085 | NS      | $822743.25    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| VERRA MOBILITY CORP                      | COMMON STOCK        | CUSIP: 92511U102<br>LEI: 549300XX5EKGLR0M4152 | Long             | EC               | CORP              | US        |     73338 | NS      | $1014264.54   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| CUSTOM TRUCK ONE SOURCE INC              | COMMON STOCK        | CUSIP: 23204X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    211400 | NS      | $1336048.00   | 1.19%             |  |  |  | No            |                  1 | On Loan: —       |
| CROSSFIRST BANKSHARES INC                | COMMON STOCK        | CUSIP: 22766M109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     82240 | NS      | $1020598.40   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| API GROUP CORP                           | COMMON STOCK        | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Long             | EC               | CORP              | US        |     86700 | NS      | $1630827.00   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPINE INCOME PROPERTY TRUST INC         | COMMON STOCK        | CUSIP: 02083X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     53452 | NS      | $1019864.16   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| SILVERGATE CAPITAL CORP                  | COMMON STOCK        | CUSIP: 82837P408<br>LEI: BPE6FTXDZEBNAGIT2T19 | Long             | EC               | CORP              | US        |     30100 | NS      | $523740.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: —       |
| IBEX HOLDINGS LTD                        | COMMON STOCK        | CUSIP: G4690M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64990 | NS      | $1615001.50   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| VONTIER CORP                             | COMMON STOCK        | CUSIP: 928881101<br>LEI: 549300VVSQLG4P5K4639 | Long             | EC               | CORP              | US        |     67100 | NS      | $1297043.00   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| EASTERN BANKSHARES INC                   | COMMON STOCK        | CUSIP: 27627N105<br>LEI: 549300J245MBQU3DO403 | Long             | EC               | CORP              | US        |     62900 | NS      | $1085025.00   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| SUN COUNTRY AIRLINES HOLDINGS INC        | COMMON STOCK        | CUSIP: 866683105<br>LEI: 549300MOHOJN9GH0NJ48 | Long             | EC               | CORP              | US        |     63605 | NS      | $1008775.30   | 0.90%             |  |  |  | No            |                  1 | On Loan: —       |
| KARAT PACKAGING INC                      | COMMON STOCK        | CUSIP: 48563L101<br>LEI: 549300JYUKCQP3P8D632 | Long             | EC               | CORP              | US        |     29980 | NS      | $430812.60    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| FIVE STAR BANCORP                        | COMMON STOCK        | CUSIP: 33830T103<br>LEI: 5493008ZRBIHKWC0JA73 | Long             | EC               | CORP              | US        |     43818 | NS      | $1193602.32   | 1.07%             |  |  |  | No            |                  1 | On Loan: —       |
| AVEANNA HEALTHCARE HOLDINGS INC          | COMMON STOCK        | CUSIP: 05356F105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    344900 | NS      | $269022.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ARIS WATER SOLUTIONS INC                 | COMMON STOCK        | CUSIP: 04041L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     63347 | NS      | $912830.27    | 0.82%             |  |  |  | No            |                  1 | On Loan: —       |
| AKA BRANDS HOLDING CORP                  | COMMON STOCK        | CUSIP: 00152K101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    363921 | NS      | $462179.67    | 0.41%             |  |  |  | No            |                  1 | On Loan: —       |
| BRILLIANT EARTH GROUP INC                | COMMON STOCK        | CUSIP: 109504100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     82367 | NS      | $355001.77    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| PROFRAC HOLDING CORP                     | COMMON STOCK        | CUSIP: 74319N100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35736 | NS      | $900547.20    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| CRANE HOLDINGS CO                        | COMMON STOCK        | CUSIP: 224441105<br>LEI: 549300EXNPSXEWUD3N21 | Long             | EC               | CORP              | US        |     10840 | NS      | $1088878.00   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAMOND OFFSHORE DRILLING INC            | COMMON STOCK        | CUSIP: 25271C201<br>LEI: F14FQJ2EEHW5VPYUHL14 | Long             | EC               | CORP              | US        |    135000 | NS      | $1404000.00   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| SITIO ROYALTIES CORP                     | COMMON STOCK        | CUSIP: 82983N108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25492 | NS      | $735444.20    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITIL CORP                              | COMMON STOCK        | CUSIP: 913259107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26280 | NS      | $1349740.80   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| JABIL INC                                | COMMON STOCK        | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |     17127 | NS      | $1168061.40   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| NEWPARK RESOURCES INC                    | COMMON STOCK        | CUSIP: 651718504<br>LEI: 54930073OHWDQW4DJN26 | Long             | EC               | CORP              | US        |    249637 | NS      | $1035993.55   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIFI INC                                | COMMON STOCK        | CUSIP: 904677200<br>LEI: 549300MW5LPO0M2LNO04 | Long             | EC               | CORP              | US        |     87264 | NS      | $751343.04    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| IMMUNOGEN INC                            | COMMON STOCK        | CUSIP: 45253H101<br>LEI: 54930084U0R1OP766Y02 | Long             | EC               | CORP              | US        |    268100 | NS      | $1329776.00   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CNX RESOURCES CORP                       | COMMON STOCK        | CUSIP: 12653C108<br>LEI: 549300JK3KH8PWM3B226 | Long             | EC               | CORP              | US        |     59620 | NS      | $1004000.80   | 0.90%             |  |  |  | No            |                  1 | On Loan: —       |
| UNITED STATES STEEL CORP                 | COMMON STOCK        | CUSIP: 912909108<br>LEI: JNLUVFYJT1OZSIQ24U47 | Long             | EC               | CORP              | US        |     51000 | NS      | $1277550.00   | 1.14%             |  |  |  | No            |                  1 | On Loan: —       |
| UMB FINANCIAL CORP                       | COMMON STOCK        | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |     11500 | NS      | $960480.00    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| ORIENTAL FINL GROUP INC COM              | COMMON STOCK        | CUSIP: 67103X102<br>LEI: 549300Q4QEXJ37LEXQ06 | Long             | EC               | CORP              | PR        |     62500 | NS      | $1722500.00   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL SIGNAL CORP                      | COMMON STOCK        | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |     29700 | NS      | $1380159.00   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| DELUXE CORP                              | COMMON STOCK        | CUSIP: 248019101<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | EC               | CORP              | US        |     65600 | NS      | $1113888.00   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| KEMPER CORP                              | COMMON STOCK        | CUSIP: 488401100<br>LEI: 549300FNI1JKTRY2PV09 | Long             | EC               | CORP              | US        |     21800 | NS      | $1072560.00   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| GRANITE CONSTRUCTION INC                 | COMMON STOCK        | CUSIP: 387328107<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | EC               | CORP              | US        |     24647 | NS      | $864370.29    | 0.77%             |  |  |  | No            |                  1 | On Loan: —       |
| HORACE MANN EDUCATORS CORP               | COMMON STOCK        | CUSIP: 440327104<br>LEI: 254900G5YAV3A2YK8T32 | Long             | EC               | CORP              | US        |     28700 | NS      | $1072519.00   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| OLIN CORP                                | COMMON STOCK        | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |     19080 | NS      | $1010095.20   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| HACKETT GROUP INC/THE                    | COMMON STOCK        | CUSIP: 404609109<br>LEI: 5K016KLIRB6156644289 | Long             | EC               | CORP              | US        |     32300 | NS      | $657951.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERIS BANCORP                           | COMMON STOCK        | CUSIP: 03076K108<br>LEI: PBJHNT51T5V6G5UQFV42 | Long             | EC               | CORP              | US        |     30160 | NS      | $1421742.40   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| MFA MORTGAGE INVESTMENTS INC             | COMMON STOCK        | CUSIP: 55272X607<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | EC               | CORP              | US        |    120300 | NS      | $1184955.00   | 1.06%             |  |  |  | No            |                  1 | On Loan: —       |
| CONNECTONE BANCORP INC                   | COMMON STOCK        | CUSIP: 20786W107<br>LEI: 549300E2M5ZYAZKUK134 | Long             | EC               | CORP              | US        |     46809 | NS      | $1133245.89   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMERCIAL METALS CO                     | COMMON STOCK        | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |     22000 | NS      | $1062600.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR PROPERTIES                           | COMMON STOCK        | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               | CORP              | US        |     25160 | NS      | $949035.20    | 0.85%             |  |  |  | No            |                  1 | On Loan: —       |
| PREMIER FINANCIAL CORP                   | COMMON STOCK        | CUSIP: 74052F108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     39646 | NS      | $1069252.62   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHERN FIRST BANCSHARES INC            | COMMON STOCK        | CUSIP: 842873101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13544 | NS      | $619638.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| LSI INDUSTRIES INC                       | COMMON STOCK        | CUSIP: 50216C108<br>LEI: 529900HY42OANH6BVT33 | Long             | EC               | CORP              | US        |     85300 | NS      | $1044072.00   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| LAKELAND BANCORP INC                     | COMMON STOCK        | CUSIP: 511637100<br>LEI: 549300NF90LR9ETZDR73 | Long             | EC               | CORP              | US        |     61960 | NS      | $1091115.60   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| LIONS GATE ENTERTAINMENT CORP            | COMMON STOCK        | CUSIP: 535919401<br>LEI: 5493000JSMHPHZURLM72 | Long             | EC               | CORP              | US        |    108184 | NS      | $617730.64    | 0.55%             |  |  |  | No            |                  1 | On Loan: —       |
| OPTION CARE HEALTH INC                   | COMMON STOCK        | CUSIP: 68404L201<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | EC               | CORP              | US        |     38500 | NS      | $1158465.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MOTORCAR PARTS OF AMERICA INC            | COMMON STOCK        | CUSIP: 620071100<br>LEI: 549300AG4610OSV3H429 | Long             | EC               | CORP              | US        |     83967 | NS      | $995848.62    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| PEAPACK-GLADSTONE FINANCIAL CORP         | COMMON STOCK        | CUSIP: 704699107<br>LEI: 549300G8DN2UK8K0ET30 | Long             | EC               | CORP              | US        |     26900 | NS      | $1001218.00   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| PENN ENTERTAINMENT INC                   | COMMON STOCK        | CUSIP: 707569109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35900 | NS      | $1066230.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: —       |
| RADNET INC                               | COMMON STOCK        | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |     51220 | NS      | $964472.60    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| QCR HOLDINGS INC                         | COMMON STOCK        | CUSIP: 74727A104<br>LEI: 549300MWKWM7KWJVQO33 | Long             | EC               | CORP              | US        |     21578 | NS      | $1071131.92   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED NATURAL FOODS INC                 | COMMON STOCK        | CUSIP: 911163103<br>LEI: 549300GKGW6WPZ282D40 | Long             | EC               | CORP              | US        |     28000 | NS      | $1083880.00   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| HOOKER FURNISHINGS CORP                  | COMMON STOCK        | CUSIP: 439038100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25200 | NS      | $471240.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: —       |
| CAVCO INDUSTRIES INC                     | COMMON STOCK        | CUSIP: 149568107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1700 | NS      | $384625.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| GRAPHIC PACKAGING HOLDING CO             | COMMON STOCK        | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51700 | NS      | $1150325.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIVERSAL TECHNICAL INSTITUTE INC        | COMMON STOCK        | CUSIP: 913915104<br>LEI: 2549003YOJGAZ0PVFV48 | Long             | EC               | CORP              | US        |    218251 | NS      | $1466646.72   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCORP INC/THE                          | COMMON STOCK        | CUSIP: 05969A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51040 | NS      | $1448515.20   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| SP PLUS CORP                             | COMMON STOCK        | CUSIP: 78469C103<br>LEI: 0IDE18EMH1CUKQCUYE69 | Long             | EC               | CORP              | US        |     38200 | NS      | $1326304.00   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| EVERI HOLDINGS INC                       | COMMON STOCK        | CUSIP: 30034T103<br>LEI: 5299006DK5S7BG10K532 | Long             | EC               | CORP              | US        |     73900 | NS      | $1060465.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKDALE SENIOR LIVING INC              | COMMON STOCK        | CUSIP: 112463104<br>LEI: LH7MQB13NWY7CJ9VC445 | Long             | EC               | CORP              | US        |    395646 | NS      | $1080113.58   | 0.96%             |  |  |  | No            |                  1 | On Loan: —       |
| HAYNES INTERNATIONAL INC                 | COMMON STOCK        | CUSIP: 420877201<br>LEI: 549300I9MS5UZLRFDO40 | Long             | EC               | CORP              | US        |     26156 | NS      | $1195067.64   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CHART INDUSTRIES INC                     | COMMON STOCK        | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |      9543 | NS      | $1099639.89   | 0.98%             |  |  |  | No            |                  1 | On Loan: —       |
| ICF INTERNATIONAL INC                    | COMMON STOCK        | CUSIP: 44925C103<br>LEI: 5493003KYFDDC5B3WY64 | Long             | EC               | CORP              | US        |     14840 | NS      | $1469902.00   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF NT BUTTERFIELD  AND  SON LTD/THE | ORDINARY SHARES     | CUSIP: G0772R208<br>LEI: 549300V8RVM0EMTDPF28 | Long             | EC               | CORP              | BM        |     38100 | NS      | $1135761.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SCORPIO TANKERS INC                      | ORDINARY SHARES     | CUSIP: Y7542C130<br>LEI: 549300NVJUH16NXG8K87 | Long             | EC               | CORP              | MC        |     25900 | NS      | $1392643.00   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| CELESTICA INC                            | ORDINARY SHARES     | CUSIP: 15101Q108<br>LEI: 549300J3CG5T6RZWLN53 | Long             | EC               | CORP              | CA        |    122300 | NS      | $1378321.00   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ALAMOS GOLD INC                          | ORDINARY SHARES     | CUSIP: 011532108<br>LEI: 549300TDOX73YGYXE959 | Long             | EC               | CORP              | CA        |    121680 | NS      | $1230184.80   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| PUTNAM CASH COLLATERAL POOL LLC          | SHORT TERM INV FUND | CUSIP: N/A<br>LEI: 5493005HRIV7IFMKD774       | Long             | STIV             | PF                | US        |  12315103 | NS      | $12315103.00  | 11.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PUTNAM SHORT TERM INVESTMENT FUND        | SHORT TERM INV FUND | CUSIP: 74676P664<br>LEI: 5493003MK0Q7JP8CPP42 | Long             | STIV             | PF                | US        |   2747560 | NS      | $2747560.00   | 2.45%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-24

**Name of Applicant:** Putnam Investments Inc

**Signature:** Janet C. Smith

**Name of Signer:** NPORT

**Title:** Principal Financial Officer