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Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2019-10-24 2019-10-24 2019-10-24 N N N 0.0256 1336598.55 1336598.55 0.0151 N N N N N/A FHLMC FREDDIE MAC 01.6250 10/25/2019 3134GBHT2 US3134GBHT28 U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2019-10-25 2019-10-25 2019-10-25 N N N 0.0256 1342303.65 1342303.65 0.0151 N N N N N/A FHLB FEDERAL HOME LOAN BANK 01.5000 10/21/2019 3130ACM92 US3130ACM925 U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2019-10-21 2019-10-21 2019-10-21 N N N 0.0256 1340907.75 1340907.75 0.0151 N N N N N/A UNITED STATES OF AMERICA US TREASURY FRN 02.4527 04/30/2020 9128284K3 US9128284K35 U.S. Treasury Debt Y 2019-03-01 2020-04-30 2020-04-30 N N N 0.0245 999619.96 999619.96 0.0113 N Y Y N N/A UNITED STATES OF AMERICA TREASURY BILL 00.0000 04/25/2019 912796QC6 US912796QC69 U.S. Treasury Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2019-04-25 2019-04-25 2019-04-25 N N N 0.0247 896713.75 896713.75 0.0101 N Y Y N N/A UNITED STATES OF AMERICA TREASURY BILL 00.0000 03/28/2019 912796PX1 US912796PX16 U.S. Treasury Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2019-03-28 2019-03-28 2019-03-28 N N N 0.0241 898401.93 898401.93 0.0101 N Y Y N N/A UNITED STATES OF AMERICA TREASURY BILL 00.0000 05/23/2019 912796QH5 US912796QH56 U.S. Treasury Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2019-05-23 2019-05-23 2019-05-23 N N N 0.0252 895030.37 895030.37 0.0101 N Y Y N N/A FEDERAL FARM CREDIT BANKS FEDERAL FARM CREDIT BANK 02.6704 08/19/2019 3133EGRQ0 US3133EGRQ01 U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2019-03-19 2019-08-19 2019-08-19 N N N 0.0267 575607.67 575607.67 0.0065 N N N N N/A FNMA FANNIE MAE 02.5126 03/08/2019 3135G0JE4 US3135G0JE40 U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2019-03-08 2019-03-08 2019-03-08 N N N 0.0251 499973.01 499973.01 0.0056 N N Y N N/A FHLMC FREDDIE MAC 02.3930 06/28/2019 3134GBXJ6 US3134GBXJ61 U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2019-03-28 2019-06-28 2019-06-28 N N N 0.0239 1000056.61 1000056.61 0.0113 N N N N N/A UNITED STATES OF AMERICA US TREASURY FRN 02.4627 07/31/2020 912828Y53 US912828Y537 U.S. Treasury Debt Y 2019-03-01 2020-07-31 2020-07-31 N N N 0.0246 999581.91 999581.91 0.0113 N Y Y N N/A UNITED STATES OF AMERICA TREASURY BILL 00.0000 08/15/2019 912796QV4 US912796QV41 U.S. Treasury Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2019-08-15 2019-08-15 2019-08-15 N N N 0.0259 889854.75 889854.75 0.0100 N Y Y N N/A UNITED STATES OF AMERICA TREASURY BILL 00.0000 03/07/2019 912796QZ5 US912796QZ54 U.S. Treasury Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2019-03-07 2019-03-07 2019-03-07 N N N 0.0231 999612.08 999612.08 0.0113 N Y Y N N/A FED HOME LN DISCOUNT NT FED HOME LN DISCOUNT NT 313384CU1 GDC 03/08/2019 313384CU1 NA U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2019-03-08 2019-03-08 2019-03-08 N N N 0.0229 999537.00 999537.00 0.0113 N N Y N N/A UNITED STATES OF AMERICA TREASURY BILL 00.0000 03/14/2019 912796RB7 US912796RB77 U.S. Treasury Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2019-03-14 2019-03-14 2019-03-14 N N N 0.0232 999150.03 999150.03 0.0113 N Y Y N N/A FREDDIE MAC DISCOUNT NOTES FREDDIE MAC DISCOUNT NOTES 313396DG5 GDC 03/20/2019 313396DG5 NA U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2019-03-20 2019-03-20 2019-03-20 N N N 0.0237 998744.00 998744.00 0.0112 N N Y N N/A UNITED STATES OF AMERICA TREASURY BILL 00.0000 03/21/2019 912796RC5 US912796RC50 U.S. Treasury Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2019-03-21 2019-03-21 2019-03-21 N N N 0.0238 998696.53 998696.53 0.0112 N Y Y N N/A UNITED STATES OF AMERICA TREASURY BILL 00.0000 04/04/2019 912796RD3 US912796RD34 U.S. Treasury Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2019-04-04 2019-04-04 2019-04-04 N N N 0.0241 997776.46 997776.46 0.0112 N Y Y N N/A UNITED STATES OF AMERICA TREASURY BILL 00.0000 04/11/2019 912796RG6 US912796RG64 U.S. Treasury Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2019-04-11 2019-04-11 2019-04-11 N N N 0.0244 997255.28 997255.28 0.0112 N Y Y N N/A UNITED STATES OF AMERICA TREASURY BILL 00.0000 04/18/2019 912796RH4 US912796RH48 U.S. Treasury Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2019-04-18 2019-04-18 2019-04-18 N N N 0.0247 897138.00 897138.00 0.0101 N Y Y N N/A UNITED STATES OF AMERICA TREASURY BILL 00.0000 05/02/2019 912796RJ0 US912796RJ04 U.S. Treasury Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2019-05-02 2019-05-02 2019-05-02 N N N 0.0250 896291.62 896291.62 0.0101 N Y Y N N/A UNITED STATES OF AMERICA TREASURY BILL 00.0000 05/09/2019 912796RP6 US912796RP63 U.S. Treasury Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2019-05-09 2019-05-09 2019-05-09 N N N 0.0251 895860.00 895860.00 0.0101 N Y Y N N/A FED HOME LN DISCOUNT NT FED HOME LN DISCOUNT NT 313384HQ5 GDC 07/02/2019 313384HQ5 NA U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2019-07-02 2019-07-02 2019-07-02 N N N 0.0247 469008.35 469008.35 0.0053 N N N N N/A UNITED STATES OF AMERICA TREASURY BILL 00.0000 05/16/2019 912796RQ4 US912796RQ47 U.S. 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2019-09-03 2019-09-03 2019-09-03 N N N 0.0267 296140.50 296140.50 0.0033 N N N N N/A FEDERAL FARM CREDIT BANKS FEDERAL FARM CREDIT BANKS 313312PU8 GDC 11/27/2019 313312PU8 NA U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2019-11-27 2019-11-27 2019-11-27 N N N 0.0271 294354.30 294354.30 0.0033 N N N N N/A FEDERAL FARM CREDIT BANKS FEDERAL FARM CREDIT BANKS 313312FS4 GDC 05/17/2019 313312FS4 NA U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2019-05-17 2019-05-17 2019-05-17 N N N 0.0250 706325.04 706325.04 0.0080 N N N N N/A UNITED STATES OF AMERICA US TREASURY FRN 02.5347 01/31/2021 9128285Y2 US9128285Y20 U.S. Treasury Debt Y 2019-03-01 2021-01-31 2021-01-31 N N N 0.0253 899415.59 899415.59 0.0101 N Y Y N N/A FED HOME LN DISCOUNT NT FED HOME LN DISCOUNT NT 313384JX8 GDC 08/02/2019 313384JX8 NA U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2019-08-02 2019-08-02 2019-08-02 N N N 0.0247 890413.20 890413.20 0.0100 N N N N N/A UNITED STATES OF AMERICA TREASURY BILL 00.0000 08/29/2019 912796SF7 US912796SF72 U.S. Treasury Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2019-08-29 2019-08-29 2019-08-29 N N N 0.0252 1086491.62 1086491.62 0.0122 N Y Y N N/A BNP PARIBAS REPO TRIPA MORTG 2.6 03/01/2019 TRIPARTY2 U.S. Government Agency Repurchase Agreement, collateralized only by U.S. Government Agency securities, U.S. Treasuries, and cash Y N FNMA 2047-02-01 4.0000% 4808554.77 4128162.25 Agency Mortgage-Backed Securities FNMA 2033-02-01 3.0000% 4695450.92 4606441.51 Agency Mortgage-Backed Securities FNMA 2047-10-01 4.5000% 1267924.77 1156246.29 Agency Mortgage-Backed Securities FNMA 2048-06-01 4.5000% 39360.77 39944.95 Agency Mortgage-Backed Securities FNMA 2048-09-01 4.5000% 619204.92 616317.68 Agency Mortgage-Backed Securities U.S. TREASURY 2021-10-15 2.8750% 2154292.31 2198049.77 U.S. Treasuries (including strips) U.S. TREASURY 2020-05-15 3.5000% 2531000.00 2584606.41 U.S. Treasuries (including strips) U.S. TREASURY 2021-06-30 1.1250% 1736276.92 1686347.79 U.S. Treasuries (including strips) U.S. TREASURY 2020-06-30 1.6250% 3418107.69 3385357.03 U.S. Treasuries (including strips) Y 2019-03-01 2019-03-01 2019-03-01 N N N 0.0260 20000000.00 20000000.00 0.2252 N Y Y N N/A HSBC SECURITIES (USA), INC. REPO TRIPA MORTG 2.57 03/01/2019 TRIPARTY2 U.S. Government Agency Repurchase Agreement, collateralized only by U.S. Government Agency securities, U.S. Treasuries, and cash Y N FNMA 2046-02-01 3.5000% 2230505.20 1687587.03 Agency Mortgage-Backed Securities FNMA 2044-11-01 4.0000% 660010.67 385167.42 Agency Mortgage-Backed Securities FNMA 2055-07-01 4.5000% 952888.89 700620.99 Agency Mortgage-Backed Securities FNMA 2047-10-01 4.5000% 749903.64 708812.82 Agency Mortgage-Backed Securities FNMA 2048-02-01 4.0000% 93874.84 85289.13 Agency Mortgage-Backed Securities FNMA 2048-09-01 4.5000% 4411768.89 4425273.69 Agency Mortgage-Backed Securities FNMA 2047-08-01 3.5000% 11839078.40 10638485.97 Agency Mortgage-Backed Securities FNMA 2038-03-01 4.0000% 633753.60 606215.55 Agency Mortgage-Backed Securities FNMA 2038-01-01 6.0000% 15590445.51 1110374.54 Agency Mortgage-Backed Securities FNMA 2048-09-01 4.5000% 54193.07 53629.20 Agency Mortgage-Backed Securities Y 2019-03-01 2019-03-01 2019-03-01 N N N 0.0257 20000000.00 20000000.00 0.2252 N Y Y N N/A CITIGROUP GLOBAL MARKETS INC. REPO TRIPA MORTG 2.62 03/01/2019 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 2046-02-15 1.0000% 3303714.96 3405646.66 U.S. Treasuries (including strips) U.S. TREASURY 2047-02-15 3.0000% 1077.66 1067.31 U.S. Treasuries (including strips) U.S. TREASURY 2021-12-31 2.0000% 11750790.51 11637438.49 U.S. Treasuries (including strips) U.S. TREASURY 2023-12-31 2.2500% 1455494.00 1444093.30 U.S. Treasuries (including strips) U.S. TREASURY 2027-01-15 0.3750% 4442523.72 4499439.44 U.S. Treasuries (including strips) U.S. TREASURY 2022-01-31 1.8750% 89637.75 88226.88 U.S. Treasuries (including strips) U.S. TREASURY 2024-01-31 2.2500% 1745.97 1728.15 U.S. Treasuries (including strips) Y 2019-03-01 2019-03-01 2019-03-01 N N N 0.0262 20661000.00 20661000.00 0.2327 N Y Y N N/A Putnam Variable Trust 2019-03-06 /s/ Janet C. Smith Janet C. Smith Principal Accounting Officer