COMMON STOCK

NPORT-P false 0000822671 XXXXXXXX S000003888 C000010872 C000010871 Putnam Variable Trust 811-05346 0000822671 549300TBVD21LYBGBD46 100 FEDERAL STREET BOSTON 02110 1-800-225-1581 Putnam VT Small Cap Value Fund S000003888 PDOQ7DSJON4NJI51RN72 2022-12-31 2021-12-31 N 154987140.36 8719407.16 146267733.2 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 380705.3 N SUPER MICRO COMPUTER INC 54930022CZO1N2UGVW07 COMMON STOCK 86800U104 30700 NS USD 1349265 0.922462507951 Long EC CORP US N 1 N N N PENNANTPARK INVESTMENT CORP 529900OK432R4C6NQQ73 COMMON STOCK 708062104 201280 NS USD 1394870.4 0.953641906854 Long EC CORP US N 1 N N N LIMELIGHT NETWORKS INC 529900BNCMDQGEKW5M59 COMMON STOCK 53261M104 383500 NS USD 1315405 0.899313178117 Long EC CORP US N 1 N N N SARATOGA INVESTMENT CORP 54930023WJCWPAGSWE41 COMMON STOCK 80349A208 7460 NS USD 219174.8 0.149844942015 Long EC CORP US N 1 N N N TITAN MACHINERY INC 549300835ZM8G0BT5C94 COMMON STOCK 88830R101 41320 NS USD 1392070.8 0.951727882524 Long EC CORP US N 1 N N N HILLENBRAND INC U246OE781574J2BUD366 COMMON STOCK 431571108 18100 NS USD 941019 0.643353786521 Long EC CORP US N 1 N N N QUANEX BUILDING PRODUCTS CORP 5493000TL30VL5WOAW87 COMMON STOCK 747619104 52886 NS USD 1310515.08 0.895970048437 Long EC CORP US N 1 N N N WALKER AND DUNLOP INC N/A COMMON STOCK 93148P102 12140 NS USD 1831683.2 1.252281114862 Long EC CORP US N 1 N N N RLJ LODGING TRUST N/A COMMON STOCK 74965L101 84640 NS USD 1179035.2 0.806080175173 Long EC CORP US N 1 N N N ACADIA HEALTHCARE CO INC 5493005CW985Y9D0NC11 COMMON STOCK 00404A109 26205 NS USD 1590643.5 1.087487626423 Long EC CORP US N 1 N N N MRC GLOBAL INC 529900TSBPOLCLI2L582 COMMON STOCK 55345K103 178520 NS USD 1228217.6 0.839705089516 Long EC CORP US N 1 N N N FRANCHISE GROUP INC 549300MWCHSL8BSOMV77 COMMON STOCK 35180X105 31539 NS USD 1645074.24 1.124700714238 Long EC CORP US N 1 N N N SPIRIT REALTY CAPITAL INC 549300LTU6LVPZSHMJ25 COMMON STOCK 84860W300 22159 NS USD 1067842.21 0.730059997949 Long EC CORP US N 1 N N N NEW RESIDENTIAL INVESTMENT CORP 549300WNTHGEO5LP2G31 COMMON STOCK 64828T201 143480 NS USD 1536670.8 1.050587690382 Long EC CORP US N 1 N N N ONE GAS INC 549300HXDWI0LATTX840 COMMON STOCK 68235P108 14700 NS USD 1140573 0.779784423432 Long EC CORP US N 1 N N N LADDER CAPITAL CORP 549300Q6LLV2QCV67C06 COMMON STOCK 505743104 130212 NS USD 1561241.88 1.067386391956 Long EC CORP US N 1 N N N HERITAGE INSURANCE HOLDINGS INC 9845008CCYDD87F66B45 COMMON STOCK 42727J102 181180 NS USD 1065338.4 0.728348198672 Long EC CORP US N 1 N N N RADIANT LOGISTICS INC 549300HWCW2HBOG4GN20 COMMON STOCK 75025X100 182080 NS USD 1327363.2 0.907488733817 Long EC CORP US N 1 N N N VECTRUS INC N/A COMMON STOCK 92242T101 28358 NS USD 1297945.66 0.8873766152 Long EC CORP US N 1 N N N VISTA OUTDOOR INC 549300QI2D33ESTJLN81 COMMON STOCK 928377100 57268 NS USD 2638336.76 1.803772234846 Long EC CORP US N 1 N N N FIRST FOUNDATION INC 254900TQZQ6LBCK77E82 COMMON STOCK 32026V104 45200 NS USD 1123672 0.76822958517 Long EC CORP US N 1 N N N XENIA HOTELS AND RESORTS INC 54930075IWIPHF5IQL62 COMMON STOCK 984017103 64980 NS USD 1176787.8 0.804543677717 Long EC CORP US N 1 N N N APPLE HOSPITALITY REIT INC 549300EVZAR0FBZO4F16 COMMON STOCK 03784Y200 82400 NS USD 1330760 0.909811050521 Long EC CORP US N 1 N N N LANTHEUS HOLDINGS INC 5299005HUB5IOJGO7S39 COMMON STOCK 516544103 49640 NS USD 1434099.6 0.980462039457 Long EC CORP US N 1 N N N FIRST BANCSHARES INC/THE 5493006DL5RXJODMAF36 COMMON STOCK 318916103 27380 NS USD 1057415.6 0.722931556309 Long EC CORP US N 1 N N N EQUITY BANCSHARES INC 549300BPQ2EJNU4WF694 COMMON STOCK 29460X109 30100 NS USD 1021293 0.698235337115 Long EC CORP US N 1 N N N TURNING POINT BRANDS INC 549300IYG00QF0VVP302 COMMON STOCK 90041L105 39100 NS USD 1477198 1.00992745815 Long EC CORP US N 1 N N GLOBAL MEDICAL REIT INC 549300HFRIPQDYU3GU60 COMMON STOCK 37954A204 70240 NS USD 1246760 0.852382116495 Long EC CORP US N 1 N N N FERROGLOBE REPRESENTATION AND WARRANTY INSURANCE TRUST N/A COMMON STOCK N/A 102740 NS USD 0 0 Long EC CORP US N 2 N N N WILLSCOT MOBILE MINI HOLDINGS CORP 549300HJ4VIXF476Q166 COMMON STOCK 971378104 42392 NS USD 1731289.28 1.183644021907 Long EC CORP US N 1 N N N RIBBON COMMUNICATIONS INC 549300L1E8Z8RL7CUL52 COMMON STOCK 762544104 189400 NS USD 1145870 0.783405864664 Long EC CORP US N 1 N N N RUMBLEON INC 549300HTVW82DG77Y276 COMMON STOCK 781386305 25500 NS USD 1058760 0.723850692724 Long EC CORP US N 1 N N METROPOLITAN BANK HOLDING CORP N/A COMMON STOCK 591774104 13584 NS USD 1447103.52 0.989352530692 Long EC CORP US N 1 N N N BRIDGEWATER BANCSHARES INC 5493001FLSBTVILKXZ71 COMMON STOCK 108621103 70180 NS USD 1241484.2 0.848775169232 Long EC CORP US N 1 N N N ORIGIN BANCORP INC 54930055DO2Z4KO3NB45 COMMON STOCK 68621T102 27600 NS USD 1184592 0.809879235894 Long EC CORP US N 1 N N N COASTAL FINANCIAL CORP/WA 549300XG5L36T6IU0B47 COMMON STOCK 19046P209 28363 NS USD 1435735.06 0.981580167129 Long EC CORP US N 1 N N N MAGNOLIA OIL AND GAS CORP N/A COMMON STOCK 559663109 118785 NS USD 2241472.95 1.532445263875 Long EC CORP US N 1 N N VERRA MOBILITY CORP N/A COMMON STOCK 92511U102 93838 NS USD 1447920.34 0.989910972381 Long EC CORP US N 1 N N N MAXAR TECHNOLOGIES INC 549300OEN2G821MIJ922 COMMON STOCK 57778K105 40800 NS USD 1204824 0.823711404861 Long EC CORP US N 1 N N MAYVILLE ENGINEERING CO INC N/A COMMON STOCK 578605107 79616 NS USD 1187074.56 0.811576507019 Long EC CORP US N 1 N N N CUSTOM TRUCK ONE SOURCE INC N/A COMMON STOCK 23204X103 166400 NS USD 1331200 0.910111868747 Long EC CORP US N 1 N N N CROSSFIRST BANKSHARES INC N/A COMMON STOCK 22766M109 94540 NS USD 1475769.4 1.008950756065 Long EC CORP US N 1 N N N API GROUP CORP 213800NZT1VX6PZ7BT53 COMMON STOCK 00187Y100 28600 NS USD 737022 0.503885569206 Long EC CORP US N 1 N N N ALPINE INCOME PROPERTY TRUST INC N/A COMMON STOCK 02083X103 72152 NS USD 1445926.08 0.98854754112 Long EC CORP US N 1 N N N PROFESSIONAL HOLDING CORP 549300MOIYR1NW3J2W56 COMMON STOCK 743139107 40989 NS USD 785349.24 0.536925829654 Long EC CORP US N 1 N N N IBEX HOLDINGS LTD N/A COMMON STOCK N/A 83590 NS USD 1077475.1 0.736645790857 Long EC CORP US N 1 N N N ATEA PHARMACEUTICALS INC N/A COMMON STOCK 04683R106 38471 NS USD 343930.74 0.235137806867 Long EC CORP US N 1 N N TRINITY CAPITAL INC 549300YGT4SBRQYDVU48 COMMON STOCK N/A 76465 NS USD 1344254.7 0.91903707714 Long EC CORP US N 1 N N N SUN COUNTRY AIRLINES HOLDINGS INC N/A COMMON STOCK 866683105 37105 NS USD 1011111.25 0.691274300818 Long EC CORP US N 1 N N N KARAT PACKAGING INC 549300JYUKCQP3P8D632 COMMON STOCK 48563L101 44102 NS USD 891301.42 0.6093629815 Long EC CORP US N 1 N N N FIVE STAR BANCORP 5493008ZRBIHKWC0JA73 COMMON STOCK 33830T103 51518 NS USD 1545540 1.056651365402 Long EC CORP US N 1 N N N AVEANNA HEALTHCARE HOLDINGS INC N/A COMMON STOCK 05356F105 182600 NS USD 1351240 0.923812771579 Long EC CORP US N 1 N N N ARIS WATER SOLUTION INC N/A COMMON STOCK 04041L106 107947 NS USD 1397913.65 0.955722509276 Long EC CORP US N 1 N N N PHOTRONICS INC 549300OK5JVNIBNY6F63 COMMON STOCK 719405102 79980 NS USD 1507623 1.030728354789 Long EC CORP US N 1 N N N UNITIL CORP N/A COMMON STOCK 913259107 25280 NS USD 1162627.2 0.79486239006 Long EC CORP US N 1 N N N JABIL INC 5493000CGCQY2OQU7669 COMMON STOCK 466313103 18827 NS USD 1324479.45 0.905517178002 Long EC CORP US N 1 N N N NEWPARK RESOURCES INC 54930073OHWDQW4DJN26 COMMON STOCK 651718504 514137 NS USD 1511562.78 1.033421894857 Long EC CORP US N 1 N N N MILLERKNOLL INC U98HXD3PNK7HYU2MU887 COMMON STOCK 600544100 30500 NS USD 1195295 0.817196639238 Long EC CORP US N 1 N N N AEROJET ROCKETDYNE HOLDINGS INC 549300VULNLWHE8QWI76 COMMON STOCK 007800105 18800 NS USD 879088 0.601012937555 Long EC CORP US N 1 N N N UNIFI INC 549300MW5LPO0M2LNO04 COMMON STOCK 904677200 76564 NS USD 1772456.6 1.2117892041 Long EC CORP US N 1 N N N DIVERSIFIED HEALTHCARE TRUST N/A COMMON STOCK 25525P107 384828 NS USD 1189118.52 0.812973917066 Long EC CORP US N 1 N N N CNX RESOURCES CORP 549300JK3KH8PWM3B226 COMMON STOCK 12653C108 118320 NS USD 1626900 1.112275390072 Long EC CORP US N 1 N N N UMB FINANCIAL CORP 549300MGEH3N3CUCV828 COMMON STOCK 902788108 12000 NS USD 1273320 0.870540598492 Long EC CORP US N 1 N N N SM ENERGY CO 84BUTVXV5ODI6BXNMH43 COMMON STOCK 78454L100 80740 NS USD 2380215.2 1.627300258182 Long EC CORP US N 1 N N N RAMBUS INC 2549000211GDCQSLV833 COMMON STOCK 750917106 48540 NS USD 1426590.6 0.975328302962 Long EC CORP US N 1 N N N CRANE CO 549300X1RO9ID7AUCA83 COMMON STOCK 224399105 14040 NS USD 1428289.2 0.976489598049 Long EC CORP US N 1 N N N ORIENTAL FINL GROUP INC COM 549300Q4QEXJ37LEXQ06 COMMON STOCK 67103X102 58800 NS USD 1561728 1.067718741402 Long EC CORP PR N 1 N N N UNISYS CORP 549300T21W22FIJJOW08 COMMON STOCK 909214306 60040 NS USD 1235022.8 0.844357653585 Long EC CORP US N 1 N N N DELUXE CORP KWGNKB8TX9LE5TV29231 COMMON STOCK 248019101 37700 NS USD 1210547 0.82762409283 Long EC CORP US N 1 N N N BRINKER INTERNATIONAL INC 52990067JY6PBGJNTG76 COMMON STOCK 109641100 27700 NS USD 1013543 0.692936834274 Long EC CORP US N 1 N N OLIN CORP 549300GKK294V7W57P06 COMMON STOCK 680665205 24980 NS USD 1436849.6 0.982342153368 Long EC CORP US N 1 N N N TIVITY HEALTH INC U5UKZMHGMOP0CPFG4B24 COMMON STOCK 88870R102 49140 NS USD 1299261.6 0.888276294146 Long EC CORP US N 1 N N N HACKETT GROUP INC/THE 5K016KLIRB6156644289 COMMON STOCK 404609109 91100 NS USD 1870283 1.278670940666 Long EC CORP US N 1 N N N AMERIS BANCORP PBJHNT51T5V6G5UQFV42 COMMON STOCK 03076K108 28660 NS USD 1423828.8 0.973440121652 Long EC CORP US N 1 N N N ANDERSONS INC/THE L38MWB8MVRFV7HVJPU11 COMMON STOCK 034164103 34400 NS USD 1331624 0.910401748128 Long EC CORP US N 1 N N N ANTARES PHARMA INC 5299004QMIHMZUUNYY44 COMMON STOCK 036642106 315120 NS USD 1124978.4 0.76912274183 Long EC CORP US N 1 N N N BERKSHIRE HILLS BANCORP INC 549300AS2OC6UMMBNO37 COMMON STOCK 084680107 42820 NS USD 1217372.6 0.832290603927 Long EC CORP US N 1 N N N CONNECTONE BANCORP INC 549300E2M5ZYAZKUK134 COMMON STOCK 20786W107 46509 NS USD 1521309.39 1.040085435603 Long EC CORP US N 1 N N N CLEAN HARBORS INC 5493000SJVZVZJKHJF48 COMMON STOCK 184496107 13740 NS USD 1370839.8 0.937212719449 Long EC CORP US N 1 N N N COLUMBUS MCKINNON CORP/NY 549300W3HQB0HO1F3G69 COMMON STOCK 199333105 27559 NS USD 1274879.34 0.871606684611 Long EC CORP US N 1 N N N COMMERCIAL METALS CO 549300OQS2LO07ZJ7N73 COMMON STOCK 201723103 38300 NS USD 1389907 0.95024854053 Long EC CORP US N 1 N N N EPR PROPERTIES 549300YSSXFHMPOWZ492 COMMON STOCK 26884U109 26460 NS USD 1256585.4 0.859099524214 Long EC CORP US N 1 N N N PREMIER FINANCIAL CORP N/A COMMON STOCK 74052F108 44546 NS USD 1376916.86 0.941367470375 Long EC CORP US N 1 N N N SOUTHERN FIRST BANCSHARES INC N/A COMMON STOCK 842873101 18944 NS USD 1183810.56 0.809344982725 Long EC CORP US N 1 N N N LSI INDUSTRIES INC 529900HY42OANH6BVT33 COMMON STOCK 50216C108 158700 NS USD 1088682 0.744307699437 Long EC CORP US N 1 N N N LAKELAND BANCORP INC 549300NF90LR9ETZDR73 COMMON STOCK 511637100 78760 NS USD 1495652.4 1.022544321484 Long EC CORP US N 1 N N N LIONS GATE ENTERTAINMENT CORP 5493000JSMHPHZURLM72 COMMON STOCK 535919401 92284 NS USD 1535605.76 1.049859546193 Long EC CORP US N 1 N N OPTION CARE HEALTH INC 549300DI3Q5ACSYJRI17 COMMON STOCK 68404L201 48000 NS USD 1365120 0.933302219248 Long EC CORP US N 1 N N N STERLING CONSTRUCTION CO 549300RZIK6K1215XU51 COMMON STOCK 859241101 41957 NS USD 1103469.1 0.754417311227 Long EC CORP US N 1 N N N OLYMPIC STEEL INC 549300GQ061U6N6KWJ49 COMMON STOCK 68162K106 26597 NS USD 625029.5 0.427318784756 Long EC CORP US N 1 N N N PATRICK INDUSTRIES INC 549300FZ5ZTCCJ3Z5W14 COMMON STOCK 703343103 13151 NS USD 1061154.19 0.725487547243 Long EC CORP US N 1 N N N RADNET INC 529900RECG94V2IZJ970 COMMON STOCK 750491102 37520 NS USD 1129727.2 0.7723693909 Long EC CORP US N 1 N N N QCR HOLDINGS INC 549300MWKWM7KWJVQO33 COMMON STOCK 74727A104 21578 NS USD 1208368 0.826134358935 Long EC CORP US N 1 N N N SILGAN HOLDINGS INC KAF673KJXD92C8KSLU49 COMMON STOCK 827048109 29638 NS USD 1269691.92 0.86806016079 Long EC CORP US N 1 N N N UNIVEST FINANCIAL CORP 4WII2HCR8UEWNU03U507 COMMON STOCK 915271100 47720 NS USD 1427782.4 0.976143110147 Long EC CORP US N 1 N N N HOOKER FURNISHINGS CORP N/A COMMON STOCK 439038100 36200 NS USD 842736 0.576159882677 Long EC CORP US N 1 N N N ZIFF DAVIS INC 5493008OJYGLHD7MXA18 COMMON STOCK 48123V102 9500 NS USD 1053170 0.7200289339 Long EC CORP US N 1 N N UNIVERSAL TECHNICAL INSTITUTE INC 2549003YOJGAZ0PVFV48 COMMON STOCK 913915104 215405 NS USD 1684467.1 1.151632737548 Long EC CORP US N 1 N N N BANCORP INC/THE N/A COMMON STOCK 05969A105 51840 NS USD 1312070.4 0.897033386171 Long EC CORP US N 1 N N N PREFERRED BANK/LOS ANGELES CA 5493007K6HGI9G0ECX16 COMMON STOCK 740367404 18860 NS USD 1353959.4 0.92567196495 Long EC CORP US N 1 N N N ZUMIEZ INC 549300J0PDF58P6HZD25 COMMON STOCK 989817101 19780 NS USD 949242.2 0.648975805691 Long EC CORP US N 1 N N N CITI TRENDS INC 529900D06Q0FPHV34S87 COMMON STOCK 17306X102 15077 NS USD 1428545.75 0.976664995585 Long EC CORP US N 1 N N N ACCO BRANDS CORP JCT8P4Y190IH4I1NX328 COMMON STOCK 00081T108 181600 NS USD 1500016 1.025527617871 Long EC CORP US N 1 N N N BROOKDALE SENIOR LIVING INC LH7MQB13NWY7CJ9VC445 COMMON STOCK 112463104 249046 NS USD 1285077.36 0.878578844346 Long EC CORP US N 1 N N N HAYNES INTERNATIONAL INC 549300I9MS5UZLRFDO40 COMMON STOCK 420877201 34256 NS USD 1381544.48 0.944531271371 Long EC CORP US N 1 N N N ICF INTERNATIONAL INC 5493003KYFDDC5B3WY64 COMMON STOCK 44925C103 16640 NS USD 1706432 1.16664965175 Long EC CORP US N 1 N N N ALLEGIANT TRAVEL CO 549300JM9OZXOHWL2K18 COMMON STOCK 01748X102 6220 NS USD 1163388.8 0.795383079062 Long EC CORP US N 1 N N N NVENT ELECTRIC PLC N/A ORDINARY SHARES G6700G107 35800 NS USD 1360400 0.930075260098 Long EC CORP GB N 1 N N N MAJOR DRILLING 549300O1MNHCX2FUBC21 ORDINARY SHARES N/A 245880 NS 1605572.39 1.097694176886 Long EC CORP CA N 1 N N N ALAMOS GOLD INC 549300TDOX73YGYXE959 ORDINARY SHARES 011532108 139880 NS USD 1075677.2 0.735416606566 Long EC CORP CA N 1 N N ARGO GROUP INTERNATIONAL HOLDINGS LTD 549300M4T8Y5TTWI6O03 ORDINARY SHARES G0464B107 26060 NS USD 1514346.6 1.035325130751 Long EC CORP BM N 1 N N N TRONOX HOLDINGS PLC 549300NRVC84SGJSXV06 ORDINARY SHARES G9087Q102 70000 NS USD 1682100 1.15001440386 Long EC CORP GB N 1 N N N PUTNAM SHORT TERM INVESTMENT FUND 5493003MK0Q7JP8CPP42 SHORT TERM INV FUND 74676P664 1014103 NS USD 1014103 0.693319693834 Long STIV PF US N 2 N N N PUTNAM CASH COLLATERAL POOL LLC 5493005HRIV7IFMKD774 SHORT TERM INV FUND N/A 7233471 NS USD 7233471 4.945363438503 Long STIV PF US N 2 N N 2022-02-24 Putnam Investments Inc Janet C. Smith NPORT Principal Financial Officer XXXX