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0.0001 Y Putnam Investment Management, LLC Voluntary Expense Waiver 20474.83 FHLMC FREDDIE MAC 02.3750 01/13/2022 3137EADB2 US3137EADB22 U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2022-01-13 2022-01-13 2022-01-13 N N N 0.0006 552627.70 552627.70 0.0069 N N N N N/A FHLB FEDERAL HOME LOAN BANK 01.8750 11/29/2021 3130AABG2 US3130AABG20 U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2021-11-29 2021-11-29 2021-11-29 N N N 0.0005 1240473.67 1240473.67 0.0156 N N N N N/A FNMA FANNIE MAE 00.1500 12/03/2021 3135G0Y72 US3135G0Y724 U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2021-09-01 2021-12-03 2021-12-03 N N N 0.0015 575149.02 575149.02 0.0072 N N N N N/A FHLMC FREDDIE MAC 00.2000 03/04/2022 3134GVFL7 US3134GVFL73 U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2021-09-01 2022-03-04 2022-03-04 N N N 0.0020 1000764.55 1000764.55 0.0126 N N N N N/A FNMA FANNIE MAE 00.2200 03/09/2022 3135G0Z55 US3135G0Z556 U.S. Government Agency Debt Y 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2021-09-28 2021-09-28 N N N 0.0011 849974.51 849974.51 0.0107 N N Y N N/A UNITED STATES OF AMERICA TREASURY BILL 00.0000 12/02/2021 9127965G0 US9127965G05 U.S. Treasury Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2021-12-02 2021-12-02 2021-12-02 N N N 0.0011 849901.88 849901.88 0.0107 N Y Y N N/A UNITED STATES OF AMERICA TREASURY BILL 00.0000 12/30/2021 912796A90 US912796A908 U.S. Treasury Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2021-12-30 2021-12-30 2021-12-30 N N N 0.0006 849858.33 849858.33 0.0107 N Y Y N N/A FEDERAL FARM CREDIT BANKS FUNDING CORP FEDERAL FARM CREDIT BANK 00.1100 01/20/2023 3133EMNH1 US3133EMNH16 U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2021-09-01 2023-01-20 2023-01-20 N N N 0.0011 750498.36 750498.36 0.0094 N N N N N/A FHLB FHLB 313385NU6 GDC 11/03/2021 313385NU6 NA U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2021-11-03 2021-11-03 2021-11-03 N N N 0.0003 849925.65 849925.65 0.0107 N N N N N/A FEDERAL FARM CREDIT BANKS FUNDING CORP FEDERAL FARM CREDIT BANK 00.3700 06/09/2023 3133ELH72 US3133ELH724 U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2021-09-01 2023-06-09 2023-06-09 N N N 0.0037 854590.52 854590.52 0.0107 N N N N N/A ROYAL BANK OF CANADA REPO TRIPA MORTG 0.05 09/01/2021 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 2022-12-31 2.1250% 13606388.42 14014813.60 U.S. Treasuries (including strips) U.S. TREASURY 2026-11-15 2.0000% 7105733.20 7577628.96 U.S. Treasuries (including strips) U.S. TREASURY 2023-09-15 0.1250% 31628.69 31588.90 U.S. Treasuries (including strips) Y 2021-09-01 2021-09-01 2021-09-01 N N N 0.0005 21200000.00 21200000.00 0.2661 N Y Y N N/A CITIGROUP GLOBAL MARKETS INC. REPO TRIPA MORTG 0.06 09/01/2021 TRIPARTY2 U.S. Government Agency Repurchase Agreement, collateralized only by U.S. Government Agency securities, U.S. Treasuries, and cash Y N FMAC 2051-07-01 2.0000% 125651.37 127006.61 Agency Mortgage-Backed Securities FMAC 2051-08-01 1.5000% 4266.27 4207.94 Agency Mortgage-Backed Securities FMAC 2051-08-01 2.5000% 10173.79 10603.03 Agency Mortgage-Backed Securities FMAC 2051-08-01 3.5000% 66808.73 72438.20 Agency Mortgage-Backed Securities FMAC 2051-08-01 2.5000% 113204.80 119113.74 Agency Mortgage-Backed Securities FMAC 2051-08-01 3.0000% 95708.75 103810.11 Agency Mortgage-Backed Securities FMAC 2051-08-01 3.5000% 55960.95 59681.38 Agency Mortgage-Backed Securities FMAC 2051-08-01 2.5000% 698432.05 733142.26 Agency Mortgage-Backed Securities FMAC 2051-08-01 3.5000% 199859.92 214911.30 Agency Mortgage-Backed Securities FMAC 2051-08-01 3.5000% 251778.06 274494.90 Agency Mortgage-Backed Securities FMAC 2051-08-01 3.5000% 253342.07 277858.15 Agency Mortgage-Backed Securities FMAC 2051-08-01 3.0000% 246788.64 263214.65 Agency Mortgage-Backed Securities FMAC 2051-08-01 3.5000% 64860.03 70554.59 Agency Mortgage-Backed Securities FMAC 2051-08-01 3.0000% 102193.47 109430.91 Agency Mortgage-Backed Securities FMAC 2051-08-01 3.5000% 247728.97 268874.29 Agency Mortgage-Backed Securities FMAC 2051-08-01 3.0000% 140677.11 150900.12 Agency Mortgage-Backed Securities FMAC 2051-07-01 3.0000% 10917.95 11490.59 Agency Mortgage-Backed Securities FNMA 2051-07-01 2.5000% 1220.33 1281.68 Agency Mortgage-Backed Securities FNMA 2051-08-01 3.0000% 10073.22 10946.61 Agency Mortgage-Backed Securities FNMA 2051-08-01 2.5000% 9311.52 9895.37 Agency Mortgage-Backed Securities FNMA 2051-08-01 2.5000% 118942.59 126831.74 Agency Mortgage-Backed Securities FNMA 2051-08-01 2.0000% 368722.59 377163.64 Agency Mortgage-Backed Securities FNMA 2051-08-01 2.5000% 79915.63 84431.14 Agency Mortgage-Backed Securities FNMA 2051-08-01 3.5000% 74651.14 81875.85 Agency Mortgage-Backed Securities FNMA 2051-08-01 2.5000% 253485.96 268126.13 Agency Mortgage-Backed Securities FNMA 2051-08-01 2.5000% 513277.61 538820.02 Agency Mortgage-Backed Securities FNMA 2051-08-01 2.5000% 277525.43 290856.18 Agency Mortgage-Backed Securities FNMA 2051-08-01 3.0000% 309987.51 328265.00 Agency Mortgage-Backed Securities FNMA 2051-08-01 3.0000% 49793.53 53720.65 Agency Mortgage-Backed Securities FNMA 2051-08-01 3.0000% 105137.83 112585.79 Agency Mortgage-Backed Securities FNMA 2051-08-01 3.0000% 121273.13 129345.31 Agency Mortgage-Backed Securities FNMA 2051-08-01 3.0000% 134267.29 144024.49 Agency Mortgage-Backed Securities FNMA 2051-08-01 3.5000% 66986.35 72415.18 Agency Mortgage-Backed Securities FNMA 2051-08-01 3.0000% 50614.13 55013.99 Agency Mortgage-Backed Securities FNMA 2051-08-01 3.5000% 52940.19 57235.74 Agency Mortgage-Backed Securities FNMA 2051-08-01 2.5000% 8453975.24 8825270.86 Agency Mortgage-Backed Securities FNMA 2051-08-01 3.0000% 231516.02 242804.15 Agency Mortgage-Backed Securities FNMA 2051-08-01 2.0000% 6818212.41 6936349.30 Agency Mortgage-Backed Securities FNMA 2051-08-01 4.0000% 5666.73 6060.28 Agency Mortgage-Backed Securities Y 2021-09-01 2021-09-01 2021-09-01 N N N 0.0006 21200000.00 21200000.00 0.2661 N Y Y N N/A BofA Securities, Inc. REPO TRIPA MORTG 0.05 09/01/2021 TRIPARTY2 U.S. Government Agency Repurchase Agreement, collateralized only by U.S. Government Agency securities, U.S. Treasuries, and cash Y N GNMA 2062-05-20 5.2560% 69304.84 44618.13 Agency Mortgage-Backed Securities GNMA 2064-11-20 4.6600% 217825.31 174032.73 Agency Mortgage-Backed Securities GNMA 2063-12-20 4.5600% 373709.90 286165.82 Agency Mortgage-Backed Securities GNMA 2063-11-20 4.6280% 374371.17 260543.04 Agency Mortgage-Backed Securities GNMA 2065-09-20 4.6600% 22626.44 15419.15 Agency Mortgage-Backed Securities GNMA 2067-08-20 4.7000% 34177.47 38721.86 Agency Mortgage-Backed Securities GNMA 2068-10-20 4.6710% 17666.29 17052.90 Agency Mortgage-Backed Securities GNMA 2070-11-20 2.5190% 1019208.83 1099249.58 Agency Mortgage-Backed Securities GNMA 2071-03-20 1.9920% 930764.53 1027894.48 Agency Mortgage-Backed Securities GNMA 2071-05-20 1.7660% 951249.41 1051727.57 Agency Mortgage-Backed Securities GNMA 2071-04-20 1.8130% 2074286.67 2296430.52 Agency Mortgage-Backed Securities GNMA 2071-05-20 1.9710% 1812846.01 2025193.57 Agency Mortgage-Backed Securities GNMA 2071-05-20 1.7790% 1848235.32 2022526.02 Agency Mortgage-Backed Securities GNMA 2071-06-20 2.0180% 597391.38 627117.85 Agency Mortgage-Backed Securities GNMA 2071-07-20 1.7200% 1140396.63 1253406.89 Agency Mortgage-Backed Securities GNMA 2071-06-20 1.7440% 1020578.44 1124396.99 Agency Mortgage-Backed Securities GNMA 2071-05-20 1.9500% 1372539.17 1531965.33 Agency Mortgage-Backed Securities GNMA 2071-06-20 2.1470% 1045073.22 1091633.00 Agency Mortgage-Backed Securities GNMA 2071-06-20 1.5810% 1561182.84 1700137.81 Agency Mortgage-Backed Securities GNMA 2071-06-20 1.6440% 1501770.16 1644367.83 Agency Mortgage-Backed Securities GNMA 2071-06-20 1.8130% 1373299.03 1554045.27 Agency Mortgage-Backed Securities GNMA 2064-03-20 4.7000% 366915.18 182120.58 Agency Mortgage-Backed Securities GNMA 2067-05-20 4.3280% 12094.61 15522.87 Agency Mortgage-Backed Securities GNMA 2067-05-20 4.7000% 24936.64 19405.63 Agency Mortgage-Backed Securities GNMA 2067-03-20 4.4800% 42738.82 43124.99 Agency Mortgage-Backed Securities GNMA 2069-05-20 4.3430% 453821.21 452922.58 Agency Mortgage-Backed Securities GNMA 2061-06-20 4.8200% 110957.87 23237.04 Agency Mortgage-Backed Securities Y 2021-09-01 2021-09-01 2021-09-01 N N N 0.0005 21199000.00 21199000.00 0.2661 N Y Y N N/A Putnam Variable Trust 2021-09-07 /s/ Janet C. Smith Janet C. Smith Principal Accounting Officer