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REPO TRIPA MORTG 2.5 06/03/2019 TRIPARTY2 U.S. Government Agency Repurchase Agreement, collateralized only by U.S. Government Agency securities, U.S. Treasuries, and cash Y N FMAC 2048-06-01 4.0000% 1576087.24 1485570.09 Agency Mortgage-Backed Securities FMAC 2048-08-01 4.5000% 11203324.73 11284019.57 Agency Mortgage-Backed Securities FNMA 2046-06-01 3.2950% 15611283.69 11342310.54 Agency Mortgage-Backed Securities FNMA 2049-05-01 4.5000% 1089360.76 1150439.81 Agency Mortgage-Backed Securities Y 2019-06-03 2019-06-03 2019-06-03 N N N 0.0250 24767000.00 24767000.00 0.2747 N Y Y N N/A HSBC SECURITIES (USA), INC. REPO TRIPA MORTG 2.5 06/03/2019 TRIPARTY2 U.S. Government Agency Repurchase Agreement, collateralized only by U.S. Government Agency securities, U.S. Treasuries, and cash Y N FNMA 2041-09-01 4.5000% 1266396.38 575757.47 Agency Mortgage-Backed Securities FNMA 2041-11-01 3.0990% 589732.20 126980.33 Agency Mortgage-Backed Securities FNMA 2042-03-01 4.0000% 883982.55 416467.77 Agency Mortgage-Backed Securities FNMA 2042-11-01 3.5000% 3799869.37 1747528.16 Agency Mortgage-Backed Securities FNMA 2037-07-01 3.2100% 137259.31 137498.41 Agency Mortgage-Backed Securities FNMA 2033-04-01 3.5900% 32292.62 34192.45 Agency Mortgage-Backed Securities FNMA 2033-03-01 3.5600% 499312.87 532634.84 Agency Mortgage-Backed Securities FNMA 2033-08-01 3.7900% 126035.27 137680.97 Agency Mortgage-Backed Securities FNMA 2042-08-01 3.5000% 620770.74 300365.40 Agency Mortgage-Backed Securities FNMA 2044-02-01 4.5000% 1511724.98 640591.44 Agency Mortgage-Backed Securities FNMA 2047-06-01 4.0000% 968496.66 793699.73 Agency Mortgage-Backed Securities FNMA 2047-09-01 4.0000% 1920108.35 1582234.24 Agency Mortgage-Backed Securities FNMA 2048-10-01 4.0000% 17806212.93 17459468.79 Agency Mortgage-Backed Securities Y 2019-06-03 2019-06-03 2019-06-03 N N N 0.0250 24000000.00 24000000.00 0.2662 N Y Y N N/A CITIGROUP GLOBAL MARKETS INC. REPO TRIPA MORTG 2.5 06/03/2019 TRIPARTY2 U.S. Government Agency Repurchase Agreement, collateralized only by U.S. Government Agency securities, U.S. Treasuries, and cash Y N FNMA 2028-07-01 3.6300% 1070484.42 1122521.04 Agency Mortgage-Backed Securities GNMA 2064-01-20 4.5390% 12780.74 1996.84 Agency Mortgage-Backed Securities GNMA 2063-02-20 4.2280% 3834.22 2541.32 Agency Mortgage-Backed Securities GNMA 2063-01-20 4.4930% 7029.41 1805.73 Agency Mortgage-Backed Securities GNMA 2048-10-20 3.5000% 1633.00 1631.58 Agency Mortgage-Backed Securities GNMA 2048-10-20 4.0000% 462037.11 465371.98 Agency Mortgage-Backed Securities GNMA 2048-10-20 5.0000% 46945.01 46700.20 Agency Mortgage-Backed Securities GNMA 2048-11-20 3.5000% 185715.39 186493.69 Agency Mortgage-Backed Securities GNMA 2048-11-20 5.0000% 619579.52 631933.83 Agency Mortgage-Backed Securities GNMA 2048-11-20 5.0000% 2875581.12 2977618.93 Agency Mortgage-Backed Securities GNMA 2049-01-20 4.5000% 19346.60 19553.80 Agency Mortgage-Backed Securities GNMA 2049-01-20 3.5000% 730061.77 735960.91 Agency Mortgage-Backed Securities GNMA 2049-01-20 4.0000% 321831.14 329578.13 Agency Mortgage-Backed Securities GNMA 2049-01-20 4.5000% 31951.86 32998.27 Agency Mortgage-Backed Securities GNMA 2049-01-20 5.0000% 6390377.34 6627600.63 Agency Mortgage-Backed Securities GNMA 2048-10-20 3.5000% 2346938.25 2387692.92 Agency Mortgage-Backed Securities GNMA 2049-02-20 4.0000% 1777868.80 1828572.10 Agency Mortgage-Backed Securities GNMA 2049-03-20 3.5000% 387923.30 393486.72 Agency Mortgage-Backed Securities GNMA 2049-02-20 4.5000% 111765.30 115102.72 Agency Mortgage-Backed Securities GNMA 2058-12-15 3.2100% 11243.16 11447.16 Agency Mortgage-Backed Securities GNMA 2059-06-15 3.4200% 4608.86 4774.84 Agency Mortgage-Backed Securities GNMA 2049-01-15 4.5000% 64387.47 70075.94 Agency Mortgage-Backed Securities GNMA 2049-01-20 5.0000% 67891.89 70912.27 Agency Mortgage-Backed Securities GNMA 2049-03-20 4.5000% 64173.39 67143.48 Agency Mortgage-Backed Securities GNMA 2049-01-20 5.0000% 170330.76 182836.52 Agency Mortgage-Backed Securities GNMA 2049-01-20 5.0000% 185536.97 198235.47 Agency Mortgage-Backed Securities GNMA 2049-03-20 5.5000% 103022.44 110956.59 Agency Mortgage-Backed Securities GNMA 2049-03-20 6.0000% 149791.02 161802.00 Agency Mortgage-Backed Securities GNMA 2048-12-20 5.5000% 16930.78 18324.95 Agency Mortgage-Backed Securities GNMA 2048-12-15 5.0000% 67413.57 71452.68 Agency Mortgage-Backed Securities GNMA 2048-12-20 5.5000% 124427.82 132554.14 Agency Mortgage-Backed Securities GNMA 2049-01-20 4.5000% 103117.21 111491.65 Agency Mortgage-Backed Securities GNMA 2049-02-15 5.5000% 90492.65 99567.57 Agency Mortgage-Backed Securities GNMA 2049-03-15 4.0000% 74192.22 79187.90 Agency Mortgage-Backed Securities GNMA 2049-03-15 4.5000% 337837.55 368572.37 Agency Mortgage-Backed Securities GNMA 2048-12-20 5.0000% 104082.67 108558.37 Agency Mortgage-Backed Securities GNMA 2048-12-20 5.0000% 77265.73 80507.35 Agency Mortgage-Backed Securities GNMA 2048-11-20 5.5000% 88722.45 95174.47 Agency Mortgage-Backed Securities GNMA 2049-02-20 5.5000% 89990.62 96120.16 Agency Mortgage-Backed Securities GNMA 2049-03-20 4.5000% 70409.95 73639.20 Agency Mortgage-Backed Securities GNMA 2049-03-15 5.5000% 101589.27 111784.48 Agency Mortgage-Backed Securities GNMA 2048-12-20 4.5000% 64121.76 67704.74 Agency Mortgage-Backed Securities GNMA 2048-12-20 5.5000% 127754.14 134889.52 Agency Mortgage-Backed Securities GNMA 2049-02-20 4.5000% 201907.25 211812.20 Agency Mortgage-Backed Securities GNMA 2049-02-20 4.5000% 639037.31 674985.74 Agency Mortgage-Backed Securities GNMA 2049-02-20 4.5000% 166638.15 174157.68 Agency Mortgage-Backed Securities GNMA 2049-02-20 4.5000% 74510.71 77876.12 Agency Mortgage-Backed Securities GNMA 2049-03-20 4.5000% 125621.35 131889.26 Agency Mortgage-Backed Securities GNMA 2049-03-20 4.5000% 16957.94 17742.58 Agency Mortgage-Backed Securities GNMA 2049-03-15 4.5000% 114380.37 124775.90 Agency Mortgage-Backed Securities GNMA 2049-01-20 4.5000% 21313.94 22605.44 Agency Mortgage-Backed Securities GNMA 2049-03-20 5.0000% 663450.96 697256.12 Agency Mortgage-Backed Securities GNMA 2049-03-20 5.5000% 680599.97 727835.78 Agency Mortgage-Backed Securities GNMA 2049-02-20 5.5000% 258678.80 273810.43 Agency Mortgage-Backed Securities GNMA 2049-02-20 4.5000% 104768.36 111093.02 Agency Mortgage-Backed Securities GNMA 2049-03-20 5.0000% 129869.87 135951.31 Agency Mortgage-Backed Securities GNMA 2049-03-20 5.0000% 408605.30 427578.76 Agency Mortgage-Backed Securities GNMA 2049-03-20 5.5000% 195976.34 207440.94 Agency Mortgage-Backed Securities U.S. TREASURY 2020-04-15 0.1250% 24455.95 26313.58 U.S. Treasuries (including strips) Y 2019-06-03 2019-06-03 2019-06-03 N N N 0.0250 24000000.00 24000000.00 0.2662 N Y Y N N/A Putnam Variable Trust 2019-06-06 /s/ Janet C. Smith Janet C. Smith Principal Accounting Officer