N-MFP2 0000822671 XXXXXXXX 2023-06-30 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 Government/Agency Exempt Government N 16 27 63698937.75 63972697.00 65057182.09 65273079.83 64423889.07 65148904.02 64572666.89 65057182.09 65273079.83 64919732.40 0.9194 0.9249 0.9219 0.9230 0.9098 0.9403 0.9336 0.9219 0.9230 0.9168 9739.38 69523014.20 69521571.37 76067.17 426119.20 69181258.72 69177997.2900 1.0000 0.0518 1.0001 1.0001 1.0001 1.0001 1.0001 C000010859 500.00 40083606.76 40081681.3900 1.0001 1.0001 1.0001 1.0001 1.0001 831071.54 162481.79 343926.96 797996.63 349328.49 126068.63 744361.56 542617.56 51545.80 243219.02 1870245.55 1809930.31 0.0471 N C000010860 500.00 29097651.96 29096315.9000 1.0001 1.0001 1.0001 1.0001 1.0001 264875.51 386825.18 213790.71 38958.85 870198.11 156115.20 2494.63 94568.76 88042.22 282837.27 1282129.62 835239.95 0.0446 N FNMA FANNIE MAE 02.8750 09/12/2023 3135G0U43 US3135G0U433 U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2023-09-12 2023-09-12 2023-09-12 N N N 0.0424 397939.38 397939.38 0.0058 N N N N N/A UNITED STATES OF AMERICA US TREASURY FRN 05.3887 10/31/2024 91282CFS5 US91282CFS52 U.S. Treasury Debt Y S&P A-1+ Fitch F1+ 2023-07-01 2024-10-31 2024-10-31 N N N 0.0539 700495.20 700495.20 0.0101 N Y Y N N/A UNITED STATES OF AMERICA US TREASURY FRN 05.4487 01/31/2025 91282CGF2 US91282CGF23 U.S. Treasury Debt Y S&P A-1+ Fitch F1+ 2023-07-01 2025-01-31 2025-01-31 N N N 0.0545 651037.45 651037.45 0.0094 N Y Y N N/A FHLMC FREDDIE MAC 05.4200 06/17/2024 3134GYSM5 US3134GYSM58 U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2024-06-17 2024-06-17 2024-06-17 N N N 0.0542 497785.46 497785.46 0.0072 N N N N N/A FED HOME LN DISCOUNT NT FED HOME LN DISCOUNT NT 00.0000 08/28/2023 313384KZ1 US313384KZ18 U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2023-08-28 2023-08-28 2023-08-28 N N N 0.0523 496219.58 496219.58 0.0072 N N Y N N/A FED HOME LN DISCOUNT NT FED HOME LN DISCOUNT NT 00.0000 09/26/2023 313384ME6 US313384ME60 U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2023-09-26 2023-09-26 2023-09-26 N N N 0.0529 494206.44 494206.44 0.0071 N N N N N/A FED HOME LN DISCOUNT NT FED HOME LN DISCOUNT NT 00.0000 10/19/2023 313384ND7 US313384ND78 U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2023-10-19 2023-10-19 2023-10-19 N N N 0.0536 246300.56 246300.56 0.0036 N N N N N/A FED HOME LN DISCOUNT NT FED HOME LN DISCOUNT NT 00.0000 11/24/2023 313384PR4 US313384PR47 U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2023-11-24 2023-11-24 2023-11-24 N N N 0.0539 490038.02 490038.02 0.0071 N N N N N/A FED HOME LN DISCOUNT NT FED HOME LN DISCOUNT NT 00.0000 09/22/2023 313384MA4 US313384MA49 U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2023-09-22 2023-09-22 2023-09-22 N N N 0.0535 494477.57 494477.57 0.0071 N N N N N/A FED HOME LN DISCOUNT NT FED HOME LN DISCOUNT NT 00.0000 10/18/2023 313384NC9 US313384NC95 U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2023-10-18 2023-10-18 2023-10-18 N N N 0.0541 492669.12 492669.12 0.0071 N N N N N/A FED HOME LN DISCOUNT NT FED HOME LN DISCOUNT NT 00.0000 12/01/2023 313384PY9 US313384PY97 U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2023-12-01 2023-12-01 2023-12-01 N N N 0.0542 489510.04 489510.04 0.0071 N N N N N/A FHLB FEDERAL HOME LOAN BANK 05.4900 07/15/2024 3130AWFW5 US3130AWFW53 U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2024-07-15 2024-07-15 2024-07-15 N N N 0.0549 499549.78 499549.78 0.0072 N N N N N/A FNMA FANNIE MAE 05.5050 07/26/2024 3135G07C1 US3135G07C13 U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2024-07-26 2024-07-26 2024-07-26 N N N 0.0551 499785.60 499785.60 0.0072 N N N N N/A BofA Securities, Inc. REPO TRIPA MORTG 5.06 07/03/2023 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 2027-07-15 0.3750% 732849.40 851751.57 U.S. Treasuries (including strips) U.S. TREASURY 2025-01-15 0.2500% 951805.94 1168281.05 U.S. Treasuries (including strips) U.S. TREASURY 2026-07-15 0.1250% 11548097.16 13711140.90 U.S. Treasuries (including strips) U.S. TREASURY 2026-04-15 0.1250% 5322201.27 5763286.75 U.S. Treasuries (including strips) Y 2023-07-03 2023-07-03 2023-07-03 N N N 0.0506 21073000.00 21073000.00 0.3046 N Y Y N N/A CITIGROUP GLOBAL MARKETS INC. REPO TRIPA MORTG 5.06 07/03/2023 TRIPARTY2 U.S. Government Agency Repurchase Agreement, collateralized only by U.S. Government Agency securities, U.S. Treasuries, and cash Y N GNMA 2053-05-20 4.0000% 162370.63 153279.76 Agency Mortgage-Backed Securities GNMA 2053-05-20 4.5000% 8664538.59 8358551.09 Agency Mortgage-Backed Securities GNMA 2053-05-20 5.0000% 39837.25 39146.22 Agency Mortgage-Backed Securities GNMA 2053-05-20 5.5000% 147541.71 147035.87 Agency Mortgage-Backed Securities GNMA 2053-06-20 6.0000% 215894.94 215463.22 Agency Mortgage-Backed Securities GNMA 2053-05-20 3.0000% 570051.71 510330.62 Agency Mortgage-Backed Securities GNMA 2053-06-20 3.5000% 85218.09 78858.21 Agency Mortgage-Backed Securities GNMA 2053-06-20 4.5000% 904265.42 873894.76 Agency Mortgage-Backed Securities GNMA 2053-04-20 6.0000% 8650.23 8698.98 Agency Mortgage-Backed Securities GNMA 2057-11-15 4.3900% 41383.54 41604.80 Agency Mortgage-Backed Securities GNMA 2053-10-15 3.5500% 205577.73 192536.64 Agency Mortgage-Backed Securities GNMA 2057-06-15 3.2000% 4557.08 3946.66 Agency Mortgage-Backed Securities GNMA 2058-02-15 4.8700% 7624.09 7591.65 Agency Mortgage-Backed Securities GNMA 2058-03-15 4.5300% 1387793.63 1348685.14 Agency Mortgage-Backed Securities GNMA 2053-05-20 6.5000% 52762.93 54281.43 Agency Mortgage-Backed Securities GNMA 2053-05-20 5.5000% 81944.29 81970.20 Agency Mortgage-Backed Securities GNMA 2053-05-20 5.5000% 52003.69 52253.50 Agency Mortgage-Backed Securities GNMA 2053-05-20 4.5000% 260403.76 251789.76 Agency Mortgage-Backed Securities GNMA 2053-05-20 5.5000% 85439.56 86069.95 Agency Mortgage-Backed Securities GNMA 2053-05-20 5.0000% 143023.75 141715.84 Agency Mortgage-Backed Securities GNMA 2053-05-20 5.0000% 151829.69 150253.43 Agency Mortgage-Backed Securities GNMA 2053-05-20 6.5000% 54685.83 56764.39 Agency Mortgage-Backed Securities GNMA 2053-05-20 6.0000% 85805.85 88415.19 Agency Mortgage-Backed Securities GNMA 2053-05-20 6.0000% 90334.65 92745.92 Agency Mortgage-Backed Securities GNMA 2053-05-20 5.5000% 55578.64 55750.95 Agency Mortgage-Backed Securities GNMA 2053-05-20 5.5000% 54940.61 54878.16 Agency Mortgage-Backed Securities GNMA 2053-05-20 5.0000% 85367.68 84777.54 Agency Mortgage-Backed Securities GNMA 2053-05-20 5.5000% 51399.66 51403.14 Agency Mortgage-Backed Securities GNMA 2053-05-20 5.5000% 54202.43 54027.00 Agency Mortgage-Backed Securities GNMA 2053-05-20 5.5000% 44044.21 44148.54 Agency Mortgage-Backed Securities GNMA 2053-05-20 7.5000% 53716.32 55438.71 Agency Mortgage-Backed Securities GNMA 2053-05-20 6.0000% 58157.17 59426.18 Agency Mortgage-Backed Securities GNMA 2053-04-20 7.5000% 4931.13 5090.49 Agency Mortgage-Backed Securities GNMA 2053-05-20 6.0000% 357628.94 365800.06 Agency Mortgage-Backed Securities GNMA 2053-05-20 6.0000% 294599.42 300624.74 Agency Mortgage-Backed Securities GNMA 2053-05-20 6.0000% 232843.64 236881.02 Agency Mortgage-Backed Securities GNMA 2053-05-20 6.0000% 58318.99 60369.91 Agency Mortgage-Backed Securities GNMA 2053-05-20 7.5000% 97574.99 100804.11 Agency Mortgage-Backed Securities GNMA 2053-05-20 6.5000% 53163.10 56123.39 Agency Mortgage-Backed Securities GNMA 2053-05-20 6.5000% 295350.33 305460.28 Agency Mortgage-Backed Securities GNMA 2053-05-20 6.5000% 94753.79 97220.40 Agency Mortgage-Backed Securities GNMA 2053-05-20 6.0000% 95415.32 97114.20 Agency Mortgage-Backed Securities GNMA 2053-05-20 6.5000% 104911.19 106407.79 Agency Mortgage-Backed Securities GNMA 2053-05-20 7.0000% 52435.65 54194.80 Agency Mortgage-Backed Securities GNMA 2053-05-20 5.5000% 4095009.24 4013267.97 Agency Mortgage-Backed Securities U.S. TREASURY 2027-05-31 2.6250% 2257729.61 2124911.08 U.S. Treasuries (including strips) Y 2023-07-03 2023-07-03 2023-07-03 N N N 0.0506 21000000.00 21000000.00 0.3036 N Y Y N N/A ROYAL BANK OF CANADA REPO TRIPA MORTG 5.06 07/03/2023 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 2024-06-13 0.0000% 7148033.01 6796971.67 U.S. Treasuries (including strips) U.S. TREASURY 2023-12-21 0.0000% 4093851.46 3991808.11 U.S. Treasuries (including strips) U.S. TREASURY 2023-07-18 0.0000% 8675235.92 8657165.41 U.S. Treasuries (including strips) U.S. TREASURY 2024-03-21 0.0000% 2059970.87 1983092.76 U.S. Treasuries (including strips) Y 2023-07-03 2023-07-03 2023-07-03 N N N 0.0506 21000000.00 21000000.00 0.3036 N Y Y N N/A Putnam Variable Trust 2023-07-07 /s/ Janet C. Smith Janet C. Smith Principal Accounting Officer