N-MFP2 0000822671 XXXXXXXX 2023-12-31 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 17 32 70232085.42 71530562.99 71110027.98 71756805.41 71818443.42 70779589.49 72822932.33 73038715.37 73687485.52 73751116.27 0.8875 0.8863 0.8867 0.8884 0.8921 0.8944 0.9023 0.9107 0.9123 0.9161 10437.51 79210900.12 79213787.19 124640.05 675480.34 78673384.41 78671969.8200 1.0000 0.0539 1.0000 1.0000 1.0000 1.0000 1.0000 C000010859 500.00 41617609.07 41616308.4700 1.0000 1.0000 1.0000 1.0000 1.0000 257698.36 160893.71 2170152.30 1025549.24 416872.53 965712.79 763162.92 43008.99 249794.20 220774.55 3763743.87 2260466.47 0.0493 N C000010860 500.00 37055775.34 37055661.3500 1.0000 1.0000 1.0000 1.0000 1.0000 208143.32 169158.01 230915.49 94847.12 15000.12 56778.76 57557.69 136481.66 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2024-06-10 N N N 0.0521 732711.67 732711.67 0.0093 N N N N N/A BofA Securities, Inc. REPO TRIPA MORTG 5.34 01/02/2024 TRIPARTY2 U.S. Government Agency Repurchase Agreement, collateralized only by U.S. Government Agency securities, U.S. Treasuries, and cash Y N FMAC 2053-04-01 4.0850% 2259176.94 2158871.00 Agency Mortgage-Backed Securities FMAC 2049-06-01 2.9720% 2047153.35 1888262.96 Agency Mortgage-Backed Securities FMAC 2048-12-01 3.5000% 239805.52 25691.87 Agency Mortgage-Backed Securities FMAC 2041-08-01 4.5000% 131701.41 12466.85 Agency Mortgage-Backed Securities FMAC 2048-06-01 3.5000% 698980.11 160809.44 Agency Mortgage-Backed Securities FMAC 2043-05-01 3.0000% 89621.20 21346.93 Agency Mortgage-Backed Securities FMAC 2045-02-01 4.0000% 31404.04 5020.02 Agency Mortgage-Backed Securities FMAC 2030-10-01 3.0000% 16703.59 3208.50 Agency Mortgage-Backed Securities FMAC 2044-10-01 4.5000% 22067.44 4320.83 Agency Mortgage-Backed Securities FMAC 2037-03-01 1.5000% 420939.29 309748.20 Agency Mortgage-Backed Securities FMAC 2037-07-01 1.5000% 107720.19 85691.21 Agency Mortgage-Backed Securities FMAC 2052-08-01 3.0000% 2745491.01 2323080.16 Agency Mortgage-Backed Securities FMAC 2053-08-01 6.0000% 796465.37 793835.54 Agency Mortgage-Backed Securities FMAC 2053-04-01 4.0000% 19466.11 17897.28 Agency Mortgage-Backed Securities FMAC 2050-10-01 2.5000% 6552.95 3492.78 Agency Mortgage-Backed Securities FMAC 2050-12-01 2.5000% 97443.75 65743.30 Agency Mortgage-Backed Securities FMAC 2051-07-01 2.5000% 25697.84 18451.46 Agency Mortgage-Backed Securities FMAC 2051-08-01 4.0000% 520734.78 276067.36 Agency Mortgage-Backed Securities FMAC 2051-09-01 3.5000% 41848.93 27072.34 Agency Mortgage-Backed Securities FMAC 2051-10-01 3.5000% 166351.73 144063.21 Agency Mortgage-Backed Securities FMAC 2052-01-01 2.5000% 16061.15 12110.67 Agency Mortgage-Backed Securities FMAC 2052-03-01 4.0000% 152160.23 143012.87 Agency Mortgage-Backed Securities FMAC 2052-03-01 3.0000% 1782864.47 1421370.51 Agency Mortgage-Backed Securities FMAC 2052-07-01 4.0000% 2046.77 1900.77 Agency Mortgage-Backed Securities FMAC 2052-10-01 4.5000% 100167.72 96003.61 Agency Mortgage-Backed Securities FMAC 2053-08-01 5.5000% 89583.56 89893.39 Agency Mortgage-Backed Securities FMAC 2053-10-01 5.5000% 150231.86 151514.52 Agency Mortgage-Backed Securities FMAC 2053-05-01 6.0000% 112485.08 105035.83 Agency Mortgage-Backed Securities FMAC 2053-06-01 5.5000% 33109.16 31556.84 Agency Mortgage-Backed Securities FMAC 2039-11-01 3.0000% 128489.18 25553.98 Agency Mortgage-Backed Securities FMAC 2043-11-01 5.5000% 96880.84 97810.40 Agency Mortgage-Backed Securities FNMA 2028-09-01 3.7200% 578201.31 561672.46 Agency Mortgage-Backed Securities FNMA 2042-01-01 4.0000% 128243.89 15240.31 Agency Mortgage-Backed Securities FNMA 2026-01-01 3.1000% 2505.54 2427.47 Agency Mortgage-Backed Securities FNMA 2042-11-01 3.5000% 999506.02 206893.57 Agency Mortgage-Backed Securities FNMA 2043-08-01 3.0000% 1368039.72 362624.41 Agency Mortgage-Backed Securities FNMA 2046-09-01 3.0000% 14407.94 2820.71 Agency Mortgage-Backed Securities FNMA 2029-01-01 4.0000% 395135.07 35774.89 Agency Mortgage-Backed Securities FNMA 2034-09-01 5.5000% 2393110.98 26355.36 Agency Mortgage-Backed Securities FNMA 2053-10-01 6.5000% 113721.92 117745.42 Agency Mortgage-Backed Securities FNMA 2053-10-01 7.0000% 101612.71 106228.12 Agency Mortgage-Backed Securities FNMA 2053-11-01 6.5000% 102752.73 105906.87 Agency Mortgage-Backed Securities FNMA 2028-11-01 3.9500% 642445.90 630438.09 Agency Mortgage-Backed Securities FNMA 2029-01-01 4.0200% 551989.52 543460.54 Agency Mortgage-Backed Securities FNMA 2033-03-01 4.4200% 354694.38 355314.31 Agency Mortgage-Backed Securities FNMA 2052-10-01 5.0000% 70682.54 68365.25 Agency Mortgage-Backed Securities FNMA 2053-05-01 5.5000% 5657.25 5676.97 Agency Mortgage-Backed Securities FNMA 2053-08-01 5.0000% 73547.46 72808.37 Agency Mortgage-Backed Securities FNMA 2050-07-01 3.0000% 120294.65 56683.08 Agency Mortgage-Backed Securities FNMA 2050-07-01 3.5000% 1138251.73 655051.31 Agency Mortgage-Backed Securities FNMA 2036-12-01 1.5000% 10600.36 7336.79 Agency Mortgage-Backed Securities FNMA 2051-12-01 2.5000% 601558.59 466980.52 Agency Mortgage-Backed Securities FNMA 2038-02-01 5.5000% 249433.73 196361.71 Agency Mortgage-Backed Securities FNMA 2037-12-01 5.0000% 20000.30 17389.58 Agency Mortgage-Backed Securities FNMA 2049-09-01 5.0000% 3123668.59 727231.91 Agency Mortgage-Backed Securities FNMA 2048-09-01 4.5000% 396316.65 64199.73 Agency Mortgage-Backed Securities FNMA 2051-10-01 3.0000% 380216.83 317118.50 Agency Mortgage-Backed Securities FNMA 2051-11-01 2.5000% 3212229.50 2423277.30 Agency Mortgage-Backed Securities FNMA 2036-12-01 2.0000% 8242.77 6223.84 Agency Mortgage-Backed Securities FNMA 2052-01-01 2.5000% 57865.10 45220.33 Agency Mortgage-Backed Securities FNMA 2037-05-01 1.5000% 124742.69 93790.05 Agency Mortgage-Backed Securities FNMA 2038-10-01 5.5000% 19035.35 6101.27 Agency Mortgage-Backed Securities FNMA 2053-01-01 4.5000% 25183.88 23244.37 Agency Mortgage-Backed Securities FNMA 2042-02-01 4.0000% 308374.03 28131.62 Agency Mortgage-Backed Securities FNMA 2050-05-01 4.5000% 19273.38 4235.99 Agency Mortgage-Backed Securities FNMA 2038-09-01 4.5000% 164980.11 158838.13 Agency Mortgage-Backed Securities FNMA 2043-11-01 6.0000% 93247.81 93312.23 Agency Mortgage-Backed Securities FMAC 2053-12-01 7.0000% 468860.10 486577.13 Agency Mortgage-Backed Securities FMAC 2053-12-01 7.0000% 2540870.45 2684240.20 Agency Mortgage-Backed Securities GNMA 2043-05-15 3.5000% 226521.48 9618.20 Agency Mortgage-Backed Securities GNMA 2050-06-20 5.0000% 75561.79 16571.15 Agency Mortgage-Backed Securities GNMA 2053-04-20 7.5000% 54932.98 55617.18 Agency Mortgage-Backed Securities GNMA 2053-10-20 6.0000% 73189.49 74561.92 Agency Mortgage-Backed Securities GNMA 2063-08-20 6.5000% 20140.87 20588.64 Agency Mortgage-Backed Securities GNMA 2053-09-20 6.5000% 266508.15 275718.62 Agency Mortgage-Backed Securities GNMA 2063-07-20 6.5000% 25990.21 26560.85 Agency Mortgage-Backed Securities GNMA 2053-09-20 6.5000% 38149.79 39707.43 Agency Mortgage-Backed Securities GNMA 2053-10-20 4.5000% 208629.17 201442.48 Agency Mortgage-Backed Securities GNMA 2053-12-20 7.0000% 71138.68 74389.60 Agency Mortgage-Backed Securities GNMA 2041-09-20 4.5000% 44328.77 2623.85 Agency Mortgage-Backed Securities GNMA 2039-10-15 4.0000% 64244.20 5436.71 Agency Mortgage-Backed Securities Y 2024-01-02 2024-01-02 2024-01-02 N N N 0.0534 22652000.00 22652000.00 0.2879 N Y Y N N/A BNP PARIBAS SECURITIES CORPORATION REPO TRIPA MORTG 5.35 01/02/2024 TRIPARTY2 U.S. Government Agency Repurchase Agreement, collateralized only by U.S. Government Agency securities, U.S. Treasuries, and cash Y N FMAC 2047-02-01 3.0000% 2750625.00 666372.24 Agency Mortgage-Backed Securities FMAC 2051-05-01 3.5000% 4548406.05 3598281.43 Agency Mortgage-Backed Securities FMAC 2040-03-01 2.7700% 26128.80 20363.02 Agency Mortgage-Backed Securities FNMA 2034-05-01 3.3500% 7832.48 7107.89 Agency Mortgage-Backed Securities FNMA 2052-07-01 4.5000% 621842.40 592841.04 Agency Mortgage-Backed Securities FNMA 2053-05-01 4.5000% 20533.50 19833.08 Agency Mortgage-Backed Securities FNMA 2053-06-01 4.0000% 504158.40 448803.93 Agency Mortgage-Backed Securities FNMA 2053-08-01 5.5000% 3845721.60 3812711.85 Agency Mortgage-Backed Securities FNMA 2053-11-01 7.0000% 1911486.38 2006226.37 Agency Mortgage-Backed Securities FNMA 2050-12-01 3.0000% 904169.93 505936.40 Agency Mortgage-Backed Securities FNMA 2050-04-01 3.0000% 831085.20 488526.59 Agency Mortgage-Backed Securities FNMA 2051-10-01 2.5000% 12600.23 8992.24 Agency Mortgage-Backed Securities FMAC 2053-11-01 7.0000% 577880.33 599787.03 Agency Mortgage-Backed Securities GNMA 2052-12-20 5.0000% 1899806.40 1799177.61 Agency Mortgage-Backed Securities GNMA 2053-11-20 5.5000% 3080034.00 3115469.11 Agency Mortgage-Backed Securities GNMA 2050-07-20 3.5000% 101103.08 85741.24 Agency Mortgage-Backed Securities GNMA 2053-06-20 6.5000% 78247.80 80786.59 Agency Mortgage-Backed Securities GNMA 2053-10-20 7.5000% 252407.25 266339.01 Agency Mortgage-Backed Securities U.S. TREASURY 2048-02-15 3.0000% 4161397.50 3464646.21 U.S. Treasuries (including strips) U.S. TREASURY 2025-11-15 2.2500% 1284480.00 1239702.75 U.S. Treasuries (including strips) U.S. TREASURY 2026-12-31 1.7500% 143932.50 135996.91 U.S. Treasuries (including strips) Y 2024-01-02 2024-01-02 2024-01-02 N N N 0.0535 22500000.00 22500000.00 0.2860 N Y Y N N/A GOLDMAN SACHS & CO LLC REPO TRIPA MORTG 5.34 01/02/2024 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 2026-02-15 6.0000% 100100.00 105807.09 U.S. Treasuries (including strips) U.S. TREASURY 2037-05-15 5.0000% 17812700.00 20103786.50 U.S. Treasuries (including strips) U.S. TREASURY 2026-07-15 4.5000% 2662600.00 2740478.91 U.S. Treasuries (including strips) Y 2024-01-02 2024-01-02 2024-01-02 N N N 0.0534 22500000.00 22500000.00 0.2860 N Y Y N N/A Putnam Variable Trust 2024-01-05 /s/ Janet C. Smith Janet C. Smith Principal Accounting Officer