N-MFP2 0000822671 XXXXXXXX 2018-01-31 0000822671 S000003882 2 N N 033-17486 Putnam Investment Management, LLC 801-07974 Putnam Investment Limited 801-61441 PricewaterhouseCoopers, LLP Boston MA Not Applicable Putnam Investor Services, Inc. 0001448300 084-06331 N N N Exempt Government N 14 24 86799462.34 86756021.72 85425491.34 84773320.20 90298670.67 90255483.39 88925143.01 88622595.81 0.8737 0.8845 0.8720 0.8690 0.0000 0.9090 0.9201 0.9077 0.9085 3334.62 97249144.36 97248038.36 1133318.15 279401.49 98105289.64 98105945.4100 1.0000 0.0136 1.0000 1.0000 1.0000 1.0000 C000010859 500.00 49654681.93 49654817.5600 1.0000 1.0000 1.0000 1.0000 141380.67 1382958.64 380072.38 247365.26 132668.95 169203.25 22864.02 406645.97 676986.02 2206173.12 0.0090 N C000010860 500.00 48450607.71 48451127.8500 1.0000 1.0000 1.0000 1.0000 65730.56 239167.00 70247.24 380834.95 784.01 184929.27 69505.92 248827.21 206267.73 1053758.43 0.0065 N UNITED STATES OF AMERICA US TREASURY FRN 01.6202 04/30/2018 912828Q86 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0.0157 347245.15 347245.15 0.0035 N N N N N/A FHLB FHLB 313385XM3 GDC 05/31/2018 313385XM3 NA U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2018-05-31 2018-05-31 2018-05-31 N N N 0.0146 270678.35 270678.35 0.0028 N N N N N/A FEDERAL FARM CREDIT BANKS FEDERAL FARM CREDIT BANKS 313313YV4 GDC 07/02/2018 313313YV4 NA U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2018-07-02 2018-07-02 2018-07-02 N N N 0.0151 397298.80 397298.80 0.0040 N N N N N/A FHLB FHLB 313385B88 GDC 08/14/2018 313385B88 NA U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2018-08-14 2018-08-14 2018-08-14 N N N 0.0164 1239020.00 1239020.00 0.0126 N N N N N/A FEDERAL FARM CREDIT BANKS FEDERAL FARM CREDIT BANKS 313313ZT8 GDC 07/24/2018 313313ZT8 NA U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2018-07-24 2018-07-24 2018-07-24 N N N 0.0154 396905.20 396905.20 0.0040 N N N N N/A FEDERAL FARM CREDIT BANKS FEDERAL FARM CREDIT BANKS 313313ZZ4 GDC 07/30/2018 313313ZZ4 NA U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2018-07-30 2018-07-30 2018-07-30 N N N 0.0153 198399.00 198399.00 0.0020 N N N N N/A FHLB FHLB 313385D86 GDC 08/30/2018 313385D86 NA U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2018-08-30 2018-08-30 2018-08-30 N N N 0.0167 693344.40 693344.40 0.0071 N N N N N/A CITIGROUP GLOBAL MARKETS INC. REPO TRIPA MORTG 1.32 02/01/2018 TRIPARTY1 U.S. Government Agency Repurchase Agreement, collateralized only by U.S. Government Agency securities, U.S. Treasuries, and cash Y N FHLB 2021-01-26 2.3000% 161337.21 160942.83 Agency Mortgage-Backed Securities U.S. TREASURY 2019-08-31 1.6250% 316813.95 316811.77 U.S. Treasuries (including strips) U.S. TREASURY 2025-01-15 0.2500% 1199007.27 1221623.06 U.S. Treasuries (including strips) U.S. TREASURY 2018-08-15 4.0000% 6337.21 6530.86 U.S. Treasuries (including strips) U.S. TREASURY 2019-01-15 2.1250% 74087.21 87021.99 U.S. Treasuries (including strips) U.S. TREASURY 2020-06-30 1.6250% 766450.58 757070.43 U.S. Treasuries (including strips) Y 2018-02-01 2018-02-01 2018-02-01 N N N 0.0132 2500000.00 2500000.00 0.0255 N Y Y N N/A MERRILL LYNCH, PIERCE, FENNER AND SMITH REPO TRIPA MORTG 1.36 02/01/2018 TRIPARTY2 U.S. Government Agency Repurchase Agreement, collateralized only by U.S. Government Agency securities, U.S. Treasuries, and cash Y N FMAC 2029-03-01 2.5000% 2914557.52 1604507.24 Agency Mortgage-Backed Securities FMAC 2047-07-01 3.5000% 3439819.78 3371674.99 Agency Mortgage-Backed Securities FMAC 2047-11-01 4.5000% 3205000.00 3410209.67 Agency Mortgage-Backed Securities FNMA 2046-08-01 3.0000% 3811847.22 3427001.15 Agency Mortgage-Backed Securities FNMA 2047-03-01 4.0000% 3454921.02 3268378.67 Agency Mortgage-Backed Securities FNMA 2048-02-01 4.0000% 3204410.23 3315902.34 Agency Mortgage-Backed Securities FNMA 2048-02-01 4.0000% 3192766.49 3303853.47 Agency Mortgage-Backed Securities FNMA 2045-12-01 3.5000% 2600711.98 2600654.01 Agency Mortgage-Backed Securities FNMA 2047-12-01 4.5000% 3006101.47 3237818.47 Agency Mortgage-Backed Securities Y 2018-02-01 2018-02-01 2018-02-01 N N N 0.0136 27000000.00 27000000.00 0.2752 N Y Y N N/A GOLDMAN, SACHS & CO. REPO TRIPA MORTG 1.3 02/01/2018 TRIPARTY2 U.S. Government Agency Repurchase Agreement, collateralized only by U.S. Government Agency securities, U.S. Treasuries, and cash Y N FMAC 2037-11-01 6.0000% 191495.00 14931.03 Agency Mortgage-Backed Securities FMAC 2033-02-01 3.0000% 1026574.00 1036191.02 Agency Mortgage-Backed Securities FMAC 2033-02-01 3.0000% 1642492.00 1656353.84 Agency Mortgage-Backed Securities FMAC 2033-02-01 3.0000% 3489336.00 3522022.70 Agency Mortgage-Backed Securities FMAC 2048-02-01 4.0000% 1424378.00 1493059.09 Agency Mortgage-Backed Securities FMAC 2048-02-01 4.0000% 1308952.00 1367686.88 Agency Mortgage-Backed Securities FMAC 2048-02-01 4.0000% 1480512.00 1554520.24 Agency Mortgage-Backed Securities FMAC 2048-02-01 4.0000% 2362080.00 2470885.28 Agency Mortgage-Backed Securities FMAC 2048-02-01 4.5000% 1279840.00 1385119.84 Agency Mortgage-Backed Securities FNMA 2018-09-01 4.5000% 14870000.00 54483.10 Agency Mortgage-Backed Securities FNMA 2026-01-01 3.5000% 1341960.00 235351.21 Agency Mortgage-Backed Securities FNMA 2031-03-01 3.0000% 472641.00 362988.79 Agency Mortgage-Backed Securities FNMA 2031-11-01 2.5000% 430277.00 376500.63 Agency Mortgage-Backed Securities FNMA 2048-02-01 4.0000% 1272224.00 1333129.62 Agency Mortgage-Backed Securities FNMA 2048-01-01 4.0000% 1664706.00 1740624.29 Agency Mortgage-Backed Securities FNMA 2033-02-01 3.0000% 1849502.00 1867675.72 Agency Mortgage-Backed Securities FNMA 2037-04-01 2.5100% 349974.00 22369.19 Agency Mortgage-Backed Securities GNMA 2047-09-20 3.5000% 2880332.00 2931257.23 Agency Mortgage-Backed Securities GNMA 2046-12-20 3.5000% 1004146.00 919587.94 Agency Mortgage-Backed Securities U.S. TREASURY 2020-01-31 1.2500% 2855500.00 2806642.40 U.S. Treasuries (including strips) Y 2018-02-01 2018-02-01 2018-02-01 N N N 0.0130 26619000.00 26619000.00 0.2713 N Y Y N N/A CITIGROUP GLOBAL MARKETS INC. REPO TRIPA MORTG 1.33 02/01/2018 TRIPARTY2 U.S. Government Agency Repurchase Agreement, collateralized only by U.S. Government Agency securities, U.S. Treasuries, and cash Y N U.S. TREASURY 2024-07-31 2.1250% 15349018.93 14880720.36 U.S. Treasuries (including strips) U.S. TREASURY 2026-05-15 1.6250% 13713782.70 12659281.84 U.S. Treasuries (including strips) Y 2018-02-01 2018-02-01 2018-02-01 N N N 0.0133 27000000.00 27000000.00 0.2752 N Y Y N N/A Putnam Variable Trust 2018-02-06 /s/ Janet C. Smith Janet C. Smith Principal Accounting Officer