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1118430.46 1364670.91 0.0178 N FNMA FANNIE MAE 01.0000 10/24/2019 3135G0R39 US3135G0R397 U.S. Government 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 1338966.92 1338966.92 0.0152 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 1343731.30 1343731.30 0.0153 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 1342835.70 1342835.70 0.0152 N N N N N/A UNITED STATES OF AMERICA US TREASURY FRN 02.4578 04/30/2020 9128284K3 US9128284K35 U.S. Treasury Debt Y 2019-03-30 2020-04-30 2020-04-30 N N N 0.0246 999374.26 999374.26 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 898596.75 898596.75 0.0102 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 896951.50 896951.50 0.0102 N Y Y N N/A FEDERAL FARM CREDIT BANKS FEDERAL FARM CREDIT BANK 02.6718 08/19/2019 3133EGRQ0 US3133EGRQ01 U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2019-04-19 2019-08-19 2019-08-19 N N N 0.0267 575470.41 575470.41 0.0065 N N N N N/A FHLMC FREDDIE MAC 02.3955 06/28/2019 3134GBXJ6 US3134GBXJ61 U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2019-04-28 2019-06-28 2019-06-28 N N N 0.0240 1000042.21 1000042.21 0.0114 N N N N N/A UNITED STATES OF AMERICA US TREASURY FRN 02.4678 07/31/2020 912828Y53 US912828Y537 U.S. Treasury Debt Y 2019-03-30 2020-07-31 2020-07-31 N N N 0.0247 999073.82 999073.82 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 891899.50 891899.50 0.0101 N Y Y N N/A UNITED STATES OF AMERICA TREASURY BILL 00.0000 09/12/2019 912796RA9 US912796RA94 U.S. Treasury Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2019-09-12 2019-09-12 2019-09-12 N N N 0.0251 890293.25 890293.25 0.0101 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 999803.23 999803.23 0.0114 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 999340.46 999340.46 0.0113 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 898994.87 898994.87 0.0102 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 898179.72 898179.72 0.0102 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 897753.25 897753.25 0.0102 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 470074.76 470074.76 0.0053 N N N N N/A UNITED STATES OF AMERICA TREASURY BILL 00.0000 05/16/2019 912796RQ4 US912796RQ47 U.S. Treasury Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2019-05-16 2019-05-16 2019-05-16 N N N 0.0251 897342.00 897342.00 0.0102 N Y Y N N/A FEDERAL FARM CREDIT BANKS FEDERAL FARM CREDIT BANKS 313312HW3 GDC 07/08/2019 313312HW3 NA U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2019-07-08 2019-07-08 2019-07-08 N N N 0.0261 388424.18 388424.18 0.0044 N N N N N/A FEDERAL FARM CREDIT BANKS FEDERAL FARM CREDIT BANKS 313312HG8 GDC 06/24/2019 313312HG8 NA U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2019-06-24 2019-06-24 2019-06-24 N N N 0.0255 248588.33 248588.33 0.0028 N N N N N/A FEDERAL FARM CREDIT BANKS FEDERAL FARM CREDIT BANKS 313312KB5 GDC 08/06/2019 313312KB5 NA U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2019-08-06 2019-08-06 2019-08-06 N N N 0.0263 892348.25 892348.25 0.0101 N N N N N/A FEDERAL FARM CREDIT BANKS FEDERAL FARM CREDIT BANKS 313312LF5 GDC 09/03/2019 313312LF5 NA U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2019-09-03 2019-09-03 2019-09-03 N N N 0.0267 296887.08 296887.08 0.0034 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 295220.00 295220.00 0.0034 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 707804.52 707804.52 0.0080 N N Y N N/A UNITED STATES OF AMERICA US TREASURY FRN 02.5398 01/31/2021 9128285Y2 US9128285Y20 U.S. Treasury Debt Y 2019-03-30 2021-01-31 2021-01-31 N N N 0.0254 899114.98 899114.98 0.0102 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 892589.25 892589.25 0.0101 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 1089194.79 1089194.79 0.0124 N Y Y N N/A FEDERAL FARM CREDIT BANKS FEDERAL FARM CREDIT BANKS 313312ER7 GDC 04/22/2019 313312ER7 NA U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2019-04-22 2019-04-22 2019-04-22 N N N 0.0241 557212.29 557212.29 0.0063 N N Y N N/A UNITED STATES OF AMERICA TREASURY BILL 00.0000 09/05/2019 912796SG5 US912796SG55 U.S. Treasury Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2019-09-05 2019-09-05 2019-09-05 N N N 0.0253 890727.18 890727.18 0.0101 N Y Y N N/A FED HOME LN DISCOUNT NT FED HOME LN DISCOUNT NT 313384FC8 GDC 05/03/2019 313384FC8 NA U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2019-05-03 2019-05-03 2019-05-03 N N N 0.0246 468988.98 468988.98 0.0053 N N Y N N/A FED HOME LN DISCOUNT NT FED HOME LN DISCOUNT NT 313384ME6 GDC 09/26/2019 313384ME6 NA U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2019-09-26 2019-09-26 2019-09-26 N N N 0.0248 247020.97 247020.97 0.0028 N N N N N/A MERRILL LYNCH, PIERCE, FENNER AND SMITH REPO TRIPA MORTG 2.6 04/01/2019 TRIPARTY2 U.S. Government Agency Repurchase Agreement, collateralized only by U.S. Government Agency securities, U.S. Treasuries, and cash Y N FMAC 2048-11-01 5.0000% 6817868.06 7322099.47 Agency Mortgage-Backed Securities FNMA 2048-03-01 4.0000% 7696345.93 7234528.10 Agency Mortgage-Backed Securities FNMA 2048-04-01 5.0000% 6872091.81 6590393.01 Agency Mortgage-Backed Securities FNMA 2034-04-01 3.5000% 716481.07 735039.53 Agency Mortgage-Backed Securities Y 2019-04-01 2019-04-01 2019-04-01 N N N 0.0260 21453000.00 21453000.00 0.2436 N Y Y N N/A HSBC SECURITIES (USA), INC. REPO TRIPA MORTG 2.58 04/01/2019 TRIPARTY2 U.S. Government Agency Repurchase Agreement, collateralized only by U.S. Government Agency securities, U.S. Treasuries, and cash Y N FNMA 2038-09-01 3.8800% 52500.00 54849.52 Agency Mortgage-Backed Securities FNMA 2041-01-01 3.6840% 423428.04 65200.52 Agency Mortgage-Backed Securities FNMA 2041-02-01 5.0000% 529247.04 184015.72 Agency Mortgage-Backed Securities FNMA 2041-11-01 3.0980% 493762.50 108193.42 Agency Mortgage-Backed Securities FNMA 2042-01-01 3.0350% 801044.16 203274.71 Agency Mortgage-Backed Securities FNMA 2033-08-01 3.5930% 105000.00 112888.00 Agency Mortgage-Backed Securities FNMA 2048-08-01 3.9950% 52500.00 57500.20 Agency Mortgage-Backed Securities FNMA 2037-05-01 4.0000% 1182415.92 371625.06 Agency Mortgage-Backed Securities FNMA 2042-05-01 3.5000% 2216145.12 1124808.35 Agency Mortgage-Backed Securities FNMA 2046-07-01 3.5000% 388833.06 310205.78 Agency Mortgage-Backed Securities FNMA 2047-07-01 3.5000% 3967252.80 3614748.40 Agency Mortgage-Backed Securities FNMA 2043-06-01 3.5000% 682501.68 426566.07 Agency Mortgage-Backed Securities FNMA 2044-02-01 3.1870% 916794.48 191550.19 Agency Mortgage-Backed Securities FNMA 2044-07-01 4.5000% 3202.50 1555.56 Agency Mortgage-Backed Securities FNMA 2044-08-01 4.5000% 21000.00 10789.81 Agency Mortgage-Backed Securities FNMA 2045-06-01 2.9430% 356439.30 195914.56 Agency Mortgage-Backed Securities FNMA 2037-02-01 5.5000% 1050356.16 15385.13 Agency Mortgage-Backed Securities FNMA 2048-06-01 3.4950% 1635503.52 1582541.29 Agency Mortgage-Backed Securities FNMA 2048-10-01 4.5000% 682500.00 700833.72 Agency Mortgage-Backed Securities FNMA 2031-01-01 3.8730% 52500.00 57951.00 Agency Mortgage-Backed Securities FNMA 2031-02-01 4.1800% 157500.00 171085.34 Agency Mortgage-Backed Securities FNMA 2038-09-01 3.7050% 52500.00 54862.63 Agency Mortgage-Backed Securities FNMA 2033-11-01 3.5470% 105000.00 112299.86 Agency Mortgage-Backed Securities FNMA 2033-10-01 3.6900% 52500.00 55490.30 Agency Mortgage-Backed Securities FNMA 2031-01-01 3.7150% 52500.00 57124.10 Agency Mortgage-Backed Securities FNMA 2034-02-01 3.9000% 105000.00 113035.58 Agency Mortgage-Backed Securities FNMA 2032-01-01 2.5000% 189472.50 152277.73 Agency Mortgage-Backed Securities FNMA 2048-12-01 4.0000% 877920.96 891949.93 Agency Mortgage-Backed Securities FNMA 2048-12-01 4.5000% 1037603.28 1089043.79 Agency Mortgage-Backed Securities FNMA 2049-02-01 4.5000% 908451.60 951087.92 Agency Mortgage-Backed Securities FNMA 2049-02-01 4.5000% 110083.47 117547.59 Agency Mortgage-Backed Securities FNMA 2048-08-01 4.0000% 189139.44 196210.18 Agency Mortgage-Backed Securities FNMA 2048-10-01 5.0000% 256725.00 274885.42 Agency Mortgage-Backed Securities FNMA 2049-01-01 4.5000% 422244.48 442233.74 Agency Mortgage-Backed Securities FNMA 2049-02-01 4.5000% 2911036.80 3078883.84 Agency Mortgage-Backed Securities FNMA 2049-02-01 4.5000% 3977089.20 4194488.30 Agency Mortgage-Backed Securities FNMA 2039-06-01 4.1190% 446454.12 65101.05 Agency Mortgage-Backed Securities FNMA 2033-10-01 3.5000% 37275.00 16600.98 Agency Mortgage-Backed Securities Y 2019-04-01 2019-04-01 2019-04-01 N N N 0.0258 21000000.00 21000000.00 0.2384 N Y Y N N/A CITIGROUP GLOBAL MARKETS INC. REPO TRIPA MORTG 2.59 04/01/2019 TRIPARTY2 U.S. Government Agency Repurchase Agreement, collateralized only by U.S. Government Agency securities, U.S. Treasuries, and cash Y N GNMA 2041-10-15 4.0000% 4455.63 1437.45 Agency Mortgage-Backed Securities GNMA 2048-03-20 3.5000% 93030.28 89100.68 Agency Mortgage-Backed Securities GNMA 2049-01-20 5.0000% 153045.67 159998.08 Agency Mortgage-Backed Securities GNMA 2049-03-20 4.0000% 2670208.26 2767804.66 Agency Mortgage-Backed Securities GNMA 2049-03-20 4.5000% 3420821.57 3570140.43 Agency Mortgage-Backed Securities GNMA 2047-07-15 4.5000% 16247.96 12546.26 Agency Mortgage-Backed Securities GNMA 2054-02-15 4.1800% 53827.58 57858.98 Agency Mortgage-Backed Securities GNMA 2048-02-15 3.5000% 95232.31 93301.23 Agency Mortgage-Backed Securities GNMA 2060-06-15 3.5600% 30316.51 30354.50 Agency Mortgage-Backed Securities U.S. TREASURY 2022-12-31 2.1250% 6098759.44 6113590.08 U.S. Treasuries (including strips) U.S. TREASURY 2020-12-31 1.7500% 7709450.84 7671475.20 U.S. Treasuries (including strips) U.S. TREASURY 2026-01-15 0.6250% 780100.29 835678.52 U.S. Treasuries (including strips) U.S. TREASURY 2021-01-31 1.3750% 1273.33 1255.50 U.S. Treasuries (including strips) U.S. TREASURY 2023-01-31 1.7500% 16612.31 16383.65 U.S. Treasuries (including strips) Y 2019-04-01 2019-04-01 2019-04-01 N N N 0.0259 21000000.00 21000000.00 0.2384 N Y Y N N/A Putnam Variable Trust 2019-04-04 /s/ Janet C. Smith Janet C. Smith Principal Accounting Officer