N-MFP2 0000822671 XXXXXXXX 2018-12-31 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 26 41 84434091.28 85316272.63 84742450.84 87217007.87 85433131.28 86315732.63 86041306.17 87516118.54 0.9260 0.9157 0.9097 0.9220 0.9369 0.9264 0.9236 0.9251 13124.71 94803539.54 94804463.10 318321.47 349365.20 94786544.08 94790051.7300 1.0000 0.0282 0.9999 0.9999 0.9999 0.9999 C000010859 500.00 48515468.04 48517047.5500 0.9999 0.9999 0.9999 0.9999 437655.79 368053.83 2045747.17 187159.09 1485465.49 270527.78 478411.13 500533.15 4447279.58 1326273.85 0.0203 N C000010860 500.00 46271076.04 46273004.1800 0.9999 0.9999 0.9999 0.9999 127039.60 121491.41 266334.50 44487.86 564705.21 103989.08 238318.27 56204.58 1196397.58 326172.93 0.0178 N UNITED STATES OF AMERICA US TREASURY FRN 02.6205 01/31/2019 912828V64 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2019-11-27 2019-11-27 2019-11-27 N N N 0.0271 293036.10 293036.10 0.0031 N N N N N/A HSBC SECURITIES (USA), INC. REPO TRIPA MORTG 3.0 01/02/2019 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 2021-11-15 2.8750% 20113084.44 20403403.04 U.S. Treasuries (including strips) Y 2019-01-02 2019-01-02 2019-01-02 N N N 0.0300 20000000.00 20000000.00 0.2110 N Y Y N N/A MERRILL LYNCH, PIERCE, FENNER AND SMITH REPO TRIPA MORTG 3.0 01/02/2019 TRIPARTY2 U.S. Government Agency Repurchase Agreement, collateralized only by U.S. Government Agency securities, U.S. Treasuries, and cash Y N GNMA 2047-03-20 3.5000% 27892126.70 24156660.16 Agency Mortgage-Backed Securities Y 2019-01-02 2019-01-02 2019-01-02 N N N 0.0300 23683000.00 23683000.00 0.2499 N Y Y N N/A CITIGROUP GLOBAL MARKETS INC. REPO TRIPA MORTG 3.0 01/02/2019 TRIPARTY2 U.S. Government Agency Repurchase Agreement, collateralized only by U.S. Government Agency securities, U.S. Treasuries, and cash Y N GNMA 2028-05-20 3.5000% 32572.72 12598.32 Agency Mortgage-Backed Securities GNMA 2043-05-20 3.5000% 28960.50 11398.85 Agency Mortgage-Backed Securities GNMA 2038-11-20 6.5000% 4394.12 2599.33 Agency Mortgage-Backed Securities GNMA 2048-11-20 4.5000% 84177.93 86056.78 Agency Mortgage-Backed Securities GNMA 2048-11-20 3.0000% 268868.12 264740.72 Agency Mortgage-Backed Securities GNMA 2048-12-20 4.5000% 16995661.00 17644147.44 Agency Mortgage-Backed Securities GNMA 2048-11-20 5.0000% 4883.93 5114.89 Agency Mortgage-Backed Securities GNMA 2048-11-20 4.5000% 337962.74 345963.67 Agency Mortgage-Backed Securities GNMA 2047-07-15 3.5000% 9563.72 9414.68 Agency Mortgage-Backed Securities GNMA 2048-12-20 5.0000% 71465.07 75800.05 Agency Mortgage-Backed Securities GNMA 2053-11-15 3.7500% 206782.06 209501.86 Agency Mortgage-Backed Securities GNMA 2053-12-15 3.8500% 51695.52 52638.82 Agency Mortgage-Backed Securities GNMA 2053-11-15 3.7800% 191273.41 194099.72 Agency Mortgage-Backed Securities GNMA 2053-11-15 3.8500% 171959.96 175582.01 Agency Mortgage-Backed Securities GNMA 2048-12-20 5.5000% 55241.00 59476.24 Agency Mortgage-Backed Securities GNMA 2048-12-20 5.5000% 105578.89 113364.84 Agency Mortgage-Backed Securities GNMA 2048-12-20 5.5000% 90019.57 97222.07 Agency Mortgage-Backed Securities GNMA 2048-12-20 4.5000% 323644.01 338786.67 Agency Mortgage-Backed Securities GNMA 2053-12-15 3.8500% 51695.52 52841.00 Agency Mortgage-Backed Securities GNMA 2048-12-20 4.5000% 81014.11 85396.00 Agency Mortgage-Backed Securities GNMA 2048-12-20 4.0000% 61443.74 63473.80 Agency Mortgage-Backed Securities GNMA 2047-06-15 5.0000% 1483.25 1318.24 Agency Mortgage-Backed Securities GNMA 2040-05-20 4.5000% 516896.38 18956.54 Agency Mortgage-Backed Securities GNMA 2026-03-15 7.0000% 384135.63 1702.10 Agency Mortgage-Backed Securities GNMA 2027-05-15 8.5000% 847483.36 3082.98 Agency Mortgage-Backed Securities GNMA 2033-05-15 3.5000% 29508.37 21728.32 Agency Mortgage-Backed Securities GNMA 2039-02-15 6.0000% 37602.08 1329.95 Agency Mortgage-Backed Securities Y 2019-01-02 2019-01-02 2019-01-02 N N N 0.0300 19556000.00 19556000.00 0.2063 N Y Y N N/A Putnam Variable Trust 2019-01-07 /s/ Janet C. Smith Janet C. Smith Principal Accounting Officer