# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0000869392-23-000455
**Filing Date:** 2023-3
**Character Count:** 687892
**Document Hash:** c598a0b630702a59eb4c343594856628
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000869392-23-000455.hdr.sgml**: 20230308

**ACCESSION NUMBER**: 0000869392-23-000455

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230308

**DATE AS OF CHANGE**: 20230308

**EFFECTIVENESS DATE**: 20230308

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM VARIABLE TRUST
- **CENTRAL INDEX KEY:** 0000822671
- **IRS NUMBER:** 046649095
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05346
- **FILM NUMBER:** 23716129

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6172921000

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PUTNAM CAPITAL MANAGER TRUST /MA/
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Putnam VT Mortgage Securities Fund (Series ID: S000003871)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010837 | Class IA Shares |  |
| C000010838 | Class IB shares |  |

### Putnam VT Growth Opportunities Fund (Series ID: S000003873)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010841 | Class IA Shares |  |
| C000010842 | Class IB Shares |  |

### Putnam VT Global Health Care Fund (Series ID: S000003874)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010843 | Class IA Shares |  |
| C000010844 | Class IB Shares |  |

### Putnam VT High Yield Fund (Series ID: S000003875)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010845 | Class IA Shares |  |
| C000010846 | Class IB Shares |  |

### Putnam VT Income Fund (Series ID: S000003876)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010847 | Class IA Shares |  |
| C000010848 | Class IB Shares |  |

### Putnam VT International Equity Fund (Series ID: S000003877)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010849 | Class IA Shares |  |
| C000010850 | Class IB Shares |  |

### Putnam VT International Value Fund (Series ID: S000003878)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010851 | Class IA Shares |  |
| C000010852 | Class IB Shares |  |

### Putnam VT Emerging Markets Equity Fund (Series ID: S000003879)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010853 | Class IA Shares |  |
| C000010854 | Class IB Shares |  |

### Putnam VT Multi-Cap Core Fund (Series ID: S000003880)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010855 | Class IA Shares |  |
| C000010856 | Class IB Shares |  |

### Putnam VT Sustainable Future Fund (Series ID: S000003881)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010857 | Class IA Shares |  |
| C000010858 | Class IB Shares |  |

### Putnam VT Government Money Market Fund (Series ID: S000003882)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010859 | Class IA Shares |  |
| C000010860 | Class IB Shares |  |

### Putnam VT Small Cap Growth Fund (Series ID: S000003883)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010861 | Class IA Shares |  |
| C000010862 | Class IB Shares |  |

### Putnam VT Sustainable Leaders Fund (Series ID: S000003884)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010863 | Class IA Shares |  |
| C000010864 | Class IB Shares |  |

### Putnam VT Research Fund (Series ID: S000003887)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010869 | Class IA Shares |  |
| C000010870 | Class IB Shares |  |

### Putnam VT Small Cap Value Fund (Series ID: S000003888)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010871 | Class IA Shares |  |
| C000010872 | Class IB Shares |  |

### Putnam VT Diversified Income Fund (Series ID: S000003893)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010881 | Class IA Shares |  |
| C000010882 | Class IB Shares |  |

### Putnam VT Large Cap Value Fund (Series ID: S000003894)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010883 | Class IA Shares |  |
| C000010884 | Class IB Shares |  |

### Putnam VT George Putnam Balanced Fund (Series ID: S000003895)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010885 | Class IA Shares |  |
| C000010886 | Class IB Shares |  |

### Putnam VT Global Asset Allocation Fund (Series ID: S000003896)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010887 | Class IA Shares |  |
| C000010888 | Class IB Shares |  |

### Putnam VT Focused International Equity Fund (Series ID: S000003897)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010889 | Class IA Shares |  |
| C000010890 | Class IB Shares |  |

### Putnam VT Multi-Asset Absolute Return Fund (Series ID: S000032103)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000099977 | Class IA     |  |
| C000099978 | Class IB     |  |

## Internal

```

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Putnam Variable Trust and
Shareholders of Putnam VT Focused International Equity Fund:

In planning and performing our audit of the financial statements
of Putnam VT Focused International Equity Fund (one of the funds
constituting Putnam Variable Trust, referred to hereafter as the
Fund) as of and for the year ended December 31, 2022, in
accordance with the standards of the Public Company Accounting
Oversight Board (United States) (PCAOB), we considered the Funds
internal control over financial reporting, including controls
over safeguarding securities, as a basis for designing our
auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of
Form N-CEN, but not for the purpose of expressing an opinion on
the effectiveness of the Funds internal control over financial
reporting.  Accordingly, we do not express an opinion on the
effectiveness of the Funds internal control over financial
reporting.

The management of the Fund is responsible for establishing and
maintaining effective internal control over financial reporting.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls.  A companys internal control over
financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles.  A
companys internal control over financial reporting includes
those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the
assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the
company are being made only in accordance with authorizations of
management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of a companys
assets that could have a material effect on the financial
statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow
management or employees, in the normal course of performing
their assigned functions, to prevent or detect misstatements on
a timely basis.  A material weakness is a deficiency, or a
combination of deficiencies, in internal control over financial
reporting, such that there is a reasonable possibility that a
material misstatement of the companys annual or interim
financial statements will not be prevented or detected on a
timely basis.

Our consideration of the Funds internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in
internal control over financial reporting that might be material
weaknesses under standards established by the PCAOB.  However,
we noted no deficiencies in the Funds internal control over
financial reporting and its operation, including controls over
safeguarding securities, that we consider to be material
weaknesses as defined above as of December 31, 2022.

?

This report is intended solely for the information and use of
the Board of Trustees of Putnam Variable Trust and the
Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.

PricewaterhouseCoopers LLP
Boston, Massachusetts
February 10, 2023

1 of 1
1 of 1

PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210
T: (617)530 5000, F: (617) 530 5001, www.pwc.com/us

```

## Internal

```

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Putnam Variable Trust and
Shareholders of Putnam VT High Yield Fund

In planning and performing our audit of the financial statements
of Putnam VT High Yield Fund (one of the funds constituting
Putnam Variable Trust, referred to hereafter as the Fund) as of
and for the year ended December 31, 2022, in accordance with the
standards of the Public Company Accounting Oversight Board
(United States) (PCAOB), we considered the Funds internal
control over financial reporting, including controls over
safeguarding securities, as a basis for designing our auditing
procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form
NCEN, but not for the purpose of expressing an opinion on the
effectiveness of the Funds internal control over financial
reporting.  Accordingly, we do not express an opinion on the
effectiveness of the Funds internal control over financial
reporting.

The management of the Fund is responsible for establishing and
maintaining effective internal control over financial reporting.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls.  A companys internal control over
financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles.  A
companys internal control over financial reporting includes
those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the
assets of the company (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the
company are being made only in accordance with authorizations of
management and directors of the company and (3) provide
reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of a companys
assets that could have a material effect on the financial
statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow
management or employees, in the normal course of performing
their assigned functions, to prevent or detect misstatements on
a timely basis.  A material weakness is a deficiency, or a
combination of deficiencies, in internal control over financial
reporting, such that there is a reasonable possibility that a
material misstatement of the companys annual or interim
financial statements will not be prevented or detected on a
timely basis.

Our consideration of the Funds internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in
internal control over financial reporting that might be material
weaknesses under standards established by the PCAOB.  However,
we noted no deficiencies in the Funds internal control over
financial reporting and its operation, including controls over
safeguarding securities, that we consider to be material
weaknesses as defined above as of December 31, 2022.

This report is intended solely for the information and use of
the Board of Trustees of Putnam Variable Trust and the
Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.

PricewaterhouseCoopers LLP
Boston, Massachusetts
February 7, 2023

1 of 1
1 of 1

PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210
T: (617)530 5000, F: (617) 530 5001, www.pwc.com/us

```

## Internal

```

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Putnam Variable Trust and Shareholders
of Putnam VT Income Fund:

In planning and performing our audit of the financial statements
of Putnam VT Income Fund (one of the funds constituting Putnam
Variable Trust, referred to hereafter as the Fund) as of and for
the year ended December 31, 2022, in accordance with the standards
of the Public Company Accounting Oversight Board (United States)
(PCAOB), we considered the Funds internal control over financial
reporting, including controls over safeguarding securities, as a
basis for designing our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply
with the requirements of Form NCEN, but not for the purpose of
expressing an opinion on the effectiveness of the Funds internal
control over financial reporting.  Accordingly, we do not express
an opinion on the effectiveness of the Funds internal control over
financial reporting.

The management of the Fund is responsible for establishing and
maintaining effective internal control over financial reporting.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls.  A companys internal control over
financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in
accordance with generally accepted accounting principles.  A
companys internal control over financial reporting includes those
policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect
the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that
receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of the
company; and (3) provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition, use or
disposition of a companys assets that could have a material effect
on the financial statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow
management or employees, in the normal course of performing their
assigned functions, to prevent or detect misstatements on a timely
basis.  A material weakness is a deficiency, or a combination of
deficiencies, in internal control over financial reporting, such
that there is a reasonable possibility that a material
misstatement of the companys annual or interim financial
statements will not be prevented or detected on a timely basis.

Our consideration of the Funds internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in
internal control over financial reporting that might be material
weaknesses under standards established by the PCAOB.  However, we
noted no deficiencies in the Funds internal control over financial
reporting and its operation, including controls over safeguarding
securities, that we consider to be material weaknesses as defined
above as of December 31, 2022.

?

This report is intended solely for the information and use of the
Board of Trustees of Putnam Variable Trust and the Securities and
Exchange Commission and is not intended to be and should not be
used by anyone other than these specified parties.

PricewaterhouseCoopers LLP
Boston, Massachusetts
February 13, 2023

1 of 1
1 of 1

PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210
T: (617)530 5000, F: (617) 530 5001, www.pwc.com/us

```

## Internal

```

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Putnam Variable Trust and
Shareholders of Putnam VT Government Money Market Fund

In planning and performing our audit of the financial statements
of Putnam VT Government Money Market Fund (one of the funds
constituting Putnam Variable Trust, referred to hereafter as the
Fund ) as of and for the year ended December 31, 2022, in
accordance with the standards of the Public Company Accounting
Oversight Board (United States) (PCAOB), we considered the Funds
internal control over financial reporting, including controls
over safeguarding securities, as a basis for designing our
auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of
Form N-CEN, but not for the purpose of expressing an opinion on
the effectiveness of the Funds internal control over financial
reporting.  Accordingly, we do not express an opinion on the
effectiveness of the Funds internal control over financial
reporting.

The management of the Fund is responsible for establishing and
maintaining effective internal control over financial reporting.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls.  A companys internal control over
financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles.  A
companys internal control over financial reporting includes
those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the
assets of the company  (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the
company are being made only in accordance with authorizations of
management and directors of the company  and (3) provide
reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of a companys
assets that could have a material effect on the financial
statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow
management or employees, in the normal course of performing
their assigned functions, to prevent or detect misstatements on
a timely basis.  A material weakness is a deficiency, or a
combination of deficiencies, in internal control over financial
reporting, such that there is a reasonable possibility that a
material misstatement of the companys annual or interim
financial statements will not be prevented or detected on a
timely basis.

Our consideration of the Funds internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in
internal control over financial reporting that might be material
weaknesses under standards established by the PCAOB.  However,
we noted no deficiencies in the Funds internal control over
financial reporting and its operation, including controls over
safeguarding securities, that we consider to be material
weaknesses as defined above as of December 31, 2022.

This report is intended solely for the information and use of
the Board of Trustees of Putnam Variable Trust and the
Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.

PricewaterhouseCoopers LLP
Boston, Massachusetts
February 10, 2023

1 of 1
1 of 1

PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210
T: (617)530 5000, F: (617) 530 5001, www.pwc.com/us

```

## Internal

```

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Putnam Variable Trust and
Shareholders of Putnam VT Global Asset Allocation Fund:

In planning and performing our audit of the financial statements
of Putnam VT Global Asset Allocation Fund (one of the funds
constituting Putnam Variable Trust, referred to hereafter as the
Fund) as of and for the year ended December 31, 2022, in
accordance with the standards of the Public Company Accounting
Oversight Board (United States) (PCAOB), we considered the Funds
internal control over financial reporting, including controls
over safeguarding securities, as a basis for designing our
auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of
Form NCEN, but not for the purpose of expressing an opinion on
the effectiveness of the Funds internal control over financial
reporting.  Accordingly, we do not express an opinion on the
effectiveness of the Funds internal control over financial
reporting.

The management of the Fund is responsible for establishing and
maintaining effective internal control over financial reporting.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls.  A companys internal control over
financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles.  A
companys internal control over financial reporting includes
those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the
assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the
company are being made only in accordance with authorizations of
management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of a companys
assets that could have a material effect on the financial
statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow
management or employees, in the normal course of performing
their assigned functions, to prevent or detect misstatements on
a timely basis.  A material weakness is a deficiency, or a
combination of deficiencies, in internal control over financial
reporting, such that there is a reasonable possibility that a
material misstatement of the companys annual or interim
financial statements will not be prevented or detected on a
timely basis.

Our consideration of the Funds internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in
internal control over financial reporting that might be material
weaknesses under standards established by the PCAOB.  However,
we noted no deficiencies in the Funds internal control over
financial reporting and its operation, including controls over
safeguarding securities, that we consider to be material
weaknesses as defined above as of December 31, 2022.

?

This report is intended solely for the information and use of
the Board of Trustees of Putnam Variable Trust and the
Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.

PricewaterhouseCoopers LLP
Boston, Massachusetts
February 14, 2023

1 of 1
1 of 1

PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210
T: (617)530 5000, F: (617) 530 5001, www.pwc.com/us

```

## Internal

```

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Putnam Variable Trust and Shareholders
of Putnam VT Sustainable Leaders Fund:

In planning and performing our audit of the financial statements
of Putnam VT Sustainable Leaders Fund (one of the funds
constituting Putnam Variable Trust, referred to hereafter as the
Fund) as of and for the year ended December 31, 2022, in
accordance with the standards of the Public Company Accounting
Oversight Board (United States) (PCAOB), we considered the Funds
internal control over financial reporting, including controls over
safeguarding securities, as a basis for designing our auditing
procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form
NCEN, but not for the purpose of expressing an opinion on the
effectiveness of the Funds internal control over financial
reporting.  Accordingly, we do not express an opinion on the
effectiveness of the Funds internal control over financial
reporting.

The management of the Fund is responsible for establishing and
maintaining effective internal control over financial reporting.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls.  A companys internal control over
financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in
accordance with generally accepted accounting principles.  A
companys internal control over financial reporting includes those
policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect
the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that
receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of the
company; and (3) provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition, use or
disposition of a companys assets that could have a material effect
on the financial statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow
management or employees, in the normal course of performing their
assigned functions, to prevent or detect misstatements on a timely
basis.  A material weakness is a deficiency, or a combination of
deficiencies, in internal control over financial reporting, such
that there is a reasonable possibility that a material
misstatement of the companys annual or interim financial
statements will not be prevented or detected on a timely basis.

Our consideration of the Funds internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in
internal control over financial reporting that might be material
weaknesses under standards established by the PCAOB.  However, we
noted no deficiencies in the Funds internal control over financial
reporting and its operation, including controls over safeguarding
securities, that we consider to be material weaknesses as defined
above as of December 31, 2022.

?

This report is intended solely for the information and use of the
Board of Trustees of Putnam Variable Trust and the Securities and
Exchange Commission and is not intended to be and should not be
used by anyone other than these specified parties.

PricewaterhouseCoopers LLP
Boston, Massachusetts
February 9, 2023

1 of 1
1 of 1

PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210
T: (617)530 5000, F: (617) 530 5001, www.pwc.com/us

```

## Internal

```

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Putnam Variable Trust and
Shareholders of Putnam VT Sustainable Future Fund

In planning and performing our audit of the financial statements
of Putnam VT Sustainable Future Fund (one of the funds
constituting Putnam Variable Trust, referred to hereafter as the
Fund ) as of and for the year ended December 31, 2022, in
accordance with the standards of the Public Company Accounting
Oversight Board (United States) (PCAOB), we considered the Funds
internal control over financial reporting, including controls
over safeguarding securities, as a basis for designing our
auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of
Form N-CEN, but not for the purpose of expressing an opinion on
the effectiveness of the Funds internal control over financial
reporting.  Accordingly, we do not express an opinion on the
effectiveness of the Funds internal control over financial
reporting.

The management of the Fund is responsible for establishing and
maintaining effective internal control over financial reporting.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls.  A companys internal control over
financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles.  A
companys internal control over financial reporting includes
those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the
assets of the company  (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the
company are being made only in accordance with authorizations of
management and directors of the company  and (3) provide
reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of a companys
assets that could have a material effect on the financial
statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow
management or employees, in the normal course of performing
their assigned functions, to prevent or detect misstatements on
a timely basis.  A material weakness is a deficiency, or a
combination of deficiencies, in internal control over financial
reporting, such that there is a reasonable possibility that a
material misstatement of the companys annual or interim
financial statements will not be prevented or detected on a
timely basis.

Our consideration of the Funds internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in
internal control over financial reporting that might be material
weaknesses under standards established by the PCAOB.  However,
we noted no deficiencies in the Funds internal control over
financial reporting and its operation, including controls over
safeguarding securities, that we consider to be material
weaknesses as defined above as of December 31, 2022.

?

This report is intended solely for the information and use of
the Board of Trustees of Putnam Variable Trust and the
Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.

PricewaterhouseCoopers LLP
Boston, Massachusetts
February 9, 2023

1 of 1
1 of 1

PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210
T: (617)530 5000, F: (617) 530 5001, www.pwc.com/us

```

## Internal

```

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Putnam Variable Trust and
Shareholders of Putnam VT Small Cap Growth Fund:

In planning and performing our audit of the financial statements
of Putnam VT Small Cap Growth Fund (one of the funds
constituting Putnam Variable Trust, referred to hereafter as the
Fund) as of and for the year ended December 31, 2022, in
accordance with the standards of the Public Company Accounting
Oversight Board (United States) (PCAOB), we considered the Funds
internal control over financial reporting, including controls
over safeguarding securities, as a basis for designing our
auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of
Form N-CEN, but not for the purpose of expressing an opinion on
the effectiveness of the Funds internal control over financial
reporting.  Accordingly, we do not express an opinion on the
effectiveness of the Funds internal control over financial
reporting.

The management of the Fund is responsible for establishing and
maintaining effective internal control over financial reporting.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls.  A companys internal control over
financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles.  A
companys internal control over financial reporting includes
those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the
assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the
company are being made only in accordance with authorizations of
management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of a companys
assets that could have a material effect on the financial
statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow
management or employees, in the normal course of performing
their assigned functions, to prevent or detect misstatements on
a timely basis.  A material weakness is a deficiency, or a
combination of deficiencies, in internal control over financial
reporting, such that there is a reasonable possibility that a
material misstatement of the companys annual or interim
financial statements will not be prevented or detected on a
timely basis.

Our consideration of the Funds internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in
internal control over financial reporting that might be material
weaknesses under standards established by the PCAOB.  However,
we noted no deficiencies in the Funds internal control over
financial reporting and its operation, including controls over
safeguarding securities, that we consider to be material
weaknesses as defined above as of December 31, 2022.

?

This report is intended solely for the information and use of
the Board of Trustees of Putnam Variable Trust and the
Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.

PricewaterhouseCoopers LLP
Boston, Massachusetts
February 8, 2023

1 of 1
1 of 1

PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210
T: (617)530 5000, F: (617) 530 5001, www.pwc.com/us

```

## Internal

```

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Putnam Variable Trust and Shareholders
of Putnam VT Large Cap Value Fund:

In planning and performing our audit of the financial statements
of Putnam VT Large Cap Value Fund (one of the funds constituting
Putnam Variable Trust, referred to hereafter as the Fund) as of
and for the year ended December 31, 2022, in accordance with the
standards of the Public Company Accounting Oversight Board (United
States) (PCAOB), we considered the Funds internal control over
financial reporting, including controls over safeguarding
securities, as a basis for designing our auditing procedures for
the purpose of expressing our opinion on the financial statements
and to comply with the requirements of Form NCEN, but not for the
purpose of expressing an opinion on the effectiveness of the Funds
internal control over financial reporting.  Accordingly, we do not
express an opinion on the effectiveness of the Funds internal
control over financial reporting.

The management of the Fund is responsible for establishing and
maintaining effective internal control over financial reporting.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls.  A companys internal control over
financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in
accordance with generally accepted accounting principles.  A
companys internal control over financial reporting includes those
policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect
the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that
receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of the
company; and (3) provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition, use or
disposition of a companys assets that could have a material effect
on the financial statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow
management or employees, in the normal course of performing their
assigned functions, to prevent or detect misstatements on a timely
basis.  A material weakness is a deficiency, or a combination of
deficiencies, in internal control over financial reporting, such
that there is a reasonable possibility that a material
misstatement of the companys annual or interim financial
statements will not be prevented or detected on a timely basis.

Our consideration of the Funds internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in
internal control over financial reporting that might be material
weaknesses under standards established by the PCAOB.  However, we
noted no deficiencies in the Funds internal control over financial
reporting and its operation, including controls over safeguarding
securities, that we consider to be material weaknesses as defined
above as of December 31, 2022.

?

This report is intended solely for the information and use of the
Board of Trustees of Putnam Variable Trust and the Securities and
Exchange Commission and is not intended to be and should not be
used by anyone other than these specified parties.

PricewaterhouseCoopers LLP
Boston, Massachusetts
February 9, 2023

1 of 1
1 of 1

PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210
T: (617)530 5000, F: (617) 530 5001, www.pwc.com/us

```

## Internal

```

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Putnam Variable Trust and
Shareholders of Putnam VT International Value Fund

In planning and performing our audit of the financial statements
of Putnam VT International Value Fund (one of the funds
constituting Putnam Variable Trust, referred to hereafter as the
Fund) as of and for the year ended December 31, 2022, in
accordance with the standards of the Public Company Accounting
Oversight Board (United States) (PCAOB), we considered the Funds
internal control over financial reporting, including controls
over safeguarding securities, as a basis for designing our
auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of
Form NCEN, but not for the purpose of expressing an opinion on
the effectiveness of the Funds internal control over financial
reporting.  Accordingly, we do not express an opinion on the
effectiveness of the Funds internal control over financial
reporting.

The management of the Fund is responsible for establishing and
maintaining effective internal control over financial reporting.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls.  A companys internal control over
financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles.  A
companys internal control over financial reporting includes
those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the
assets of the company (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the
company are being made only in accordance with authorizations of
management and directors of the company and (3) provide
reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of a companys
assets that could have a material effect on the financial
statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow
management or employees, in the normal course of performing
their assigned functions, to prevent or detect misstatements on
a timely basis.  A material weakness is a deficiency, or a
combination of deficiencies, in internal control over financial
reporting, such that there is a reasonable possibility that a
material misstatement of the companys annual or interim
financial statements will not be prevented or detected on a
timely basis.

Our consideration of the Funds internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in
internal control over financial reporting that might be material
weaknesses under standards established by the PCAOB.  However,
we noted no deficiencies in the Funds internal control over
financial reporting and its operation, including controls over
safeguarding securities, that we consider to be material
weaknesses as defined above as of December 31, 2022.

This report is intended solely for the information and use of
the Board of Trustees of Putnam Variable Trust and the
Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.

PricewaterhouseCoopers LLP
Boston, Massachusetts
February 8, 2023

1 of 1
1 of 1

PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210
T: (617)530 5000, F: (617) 530 5001, www.pwc.com/us

```

## Internal

```

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Putnam Variable Trust and Shareholders of
Putnam VT International Equity Fund:

In planning and performing our audit of the financial statements of
Putnam VT International Equity Fund (one of the funds constituting Putnam
Variable Trust, referred to hereafter as the Fund) as of and for the year
ended December 31, 2022, in accordance with the standards of the Public
Company Accounting Oversight Board (United States) (PCAOB), we considered
the Funds internal control over financial reporting, including controls
over safeguarding securities, as a basis for designing our auditing
procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form NCEN, but not for
the purpose of expressing an opinion on the effectiveness of the Funds
internal control over financial reporting.  Accordingly, we do not
express an opinion on the effectiveness of the Funds internal control
over financial reporting.

The management of the Fund is responsible for establishing and
maintaining effective internal control over financial reporting.  In
fulfilling this responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of controls.
A companys internal control over financial reporting is a process
designed to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting
principles.  A companys internal control over financial reporting
includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with
authorizations of management and directors of the company; and (3)
provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of a companys assets that
could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements.  Also, projections of
any evaluation of effectiveness to future periods are subject to the risk
that controls may become inadequate because of changes in conditions, or
that the degree of compliance with the policies or procedures may
deteriorate.

A deficiency in internal control over financial reporting exists when the
design or operation of a control does not allow management or employees,
in the normal course of performing their assigned functions, to prevent
or detect misstatements on a timely basis.  A material weakness is a
deficiency, or a combination of deficiencies, in internal control over
financial reporting, such that there is a reasonable possibility that a
material misstatement of the companys annual or interim financial
statements will not be prevented or detected on a timely basis.

Our consideration of the Funds internal control over financial reporting
was for the limited purpose described in the first paragraph and would
not necessarily disclose all deficiencies in internal control over
financial reporting that might be material weaknesses under standards
established by the PCAOB.  However, we noted no deficiencies in the Funds
internal control over financial reporting and its operation, including
controls over safeguarding securities, that we consider to be material
weaknesses as defined above as of December 31, 2022.

?

This report is intended solely for the information and use of the Board
of Trustees of Putnam Variable Trust and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone
other than these specified parties.

PricewaterhouseCoopers LLP
Boston, Massachusetts
February 10, 2023

1 of 1
1 of 1

PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210
T: (617)530 5000, F: (617) 530 5001, www.pwc.com/us

```

## Internal

```

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Putnam Variable Trust and
Shareholders of Putnam VT Emerging Markets Equity Fund

In planning and performing our audit of the financial statements
of Putnam VT Emerging Markets Equity Fund (one of the funds
constituting Putnam Variable Trust, referred to hereafter as the
Fund ) as of and for the year ended December 31, 2022, in
accordance with the standards of the Public Company Accounting
Oversight Board (United States) (PCAOB), we considered the Funds
internal control over financial reporting, including controls
over safeguarding securities, as a basis for designing our
auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of
Form N-CEN, but not for the purpose of expressing an opinion on
the effectiveness of the Funds internal control over financial
reporting.  Accordingly, we do not express an opinion on the
effectiveness of the Funds internal control over financial
reporting.

The management of the Fund is responsible for establishing and
maintaining effective internal control over financial reporting.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls.  A companys internal control over
financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles.  A
companys internal control over financial reporting includes
those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the
assets of the company  (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the
company are being made only in accordance with authorizations of
management and directors of the company  and (3) provide
reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of a companys
assets that could have a material effect on the financial
statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow
management or employees, in the normal course of performing
their assigned functions, to prevent or detect misstatements on
a timely basis.  A material weakness is a deficiency, or a
combination of deficiencies, in internal control over financial
reporting, such that there is a reasonable possibility that a
material misstatement of the companys annual or interim
financial statements will not be prevented or detected on a
timely basis.

Our consideration of the Funds internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in
internal control over financial reporting that might be material
weaknesses under standards established by the PCAOB.  However,
we noted no deficiencies in the Funds internal control over
financial reporting and its operation, including controls over
safeguarding securities, that we consider to be material
weaknesses as defined above as of December 31, 2022.

?

This report is intended solely for the information and use of
the Board of Trustees of Putnam Variable Trust and the
Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.

PricewaterhouseCoopers LLP
Boston, Massachusetts
February 9, 2023

1 of 1
1 of 1

PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210
T: (617)530 5000, F: (617) 530 5001, www.pwc.com/us

```

## Internal

```

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Putnam Variable Trust and
Shareholders of Putnam VT Multi-Cap Core Fund:

In planning and performing our audit of the financial statements
of Putnam VT Multi-Cap Core Fund (one of the funds constituting
Putnam Variable Trust, referred to hereafter as the Fund) as of
and for the year ended December 31, 2022, in accordance with the
standards of the Public Company Accounting Oversight Board
(United States) (PCAOB), we considered the Funds internal
control over financial reporting, including controls over
safeguarding securities, as a basis for designing our auditing
procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form
N-CEN, but not for the purpose of expressing an opinion on the
effectiveness of the Funds internal control over financial
reporting.  Accordingly, we do not express an opinion on the
effectiveness of the Funds internal control over financial
reporting.

The management of the Fund is responsible for establishing and
maintaining effective internal control over financial reporting.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls.  A companys internal control over
financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles.  A
companys internal control over financial reporting includes
those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the
assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the
company are being made only in accordance with authorizations of
management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of a companys
assets that could have a material effect on the financial
statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow
management or employees, in the normal course of performing
their assigned functions, to prevent or detect misstatements on
a timely basis.  A material weakness is a deficiency, or a
combination of deficiencies, in internal control over financial
reporting, such that there is a reasonable possibility that a
material misstatement of the companys annual or interim
financial statements will not be prevented or detected on a
timely basis.

Our consideration of the Funds internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in
internal control over financial reporting that might be material
weaknesses under standards established by the PCAOB.  However,
we noted no deficiencies in the Funds internal control over
financial reporting and its operation, including controls over
safeguarding securities, that we consider to be material
weaknesses as defined above as of December 31, 2022.

?

This report is intended solely for the information and use of
the Board of Trustees of Putnam Variable Trust and the
Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.

PricewaterhouseCoopers LLP
Boston, Massachusetts
February 9, 2023

1 of 1
1 of 1

PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210
T: (617)530 5000, F: (617) 530 5001, www.pwc.com/us

```

## Internal

```

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Putnam Variable Trust and
Shareholders of Putnam VT George Putnam Balanced Fund

In planning and performing our audit of the financial statements
of Putnam VT George Putnam Balanced Fund (one of the funds
constituting Putnam Variable Trust, referred to hereafter as the
Fund) as of and for the year ended December 31, 2022, in
accordance with the standards of the Public Company Accounting
Oversight Board (United States) (PCAOB), we considered the Funds
internal control over financial reporting, including controls
over safeguarding securities, as a basis for designing our
auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of
Form NCEN, but not for the purpose of expressing an opinion on
the effectiveness of the Funds internal control over financial
reporting.  Accordingly, we do not express an opinion on the
effectiveness of the Funds internal control over financial
reporting.

The management of the Fund is responsible for establishing and
maintaining effective internal control over financial reporting.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls.  A companys internal control over
financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles.  A
companys internal control over financial reporting includes
those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the
assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the
company are being made only in accordance with authorizations of
management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of a companys
assets that could have a material effect on the financial
statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow
management or employees, in the normal course of performing
their assigned functions, to prevent or detect misstatements on
a timely basis.  A material weakness is a deficiency, or a
combination of deficiencies, in internal control over financial
reporting, such that there is a reasonable possibility that a
material misstatement of the companys annual or interim
financial statements will not be prevented or detected on a
timely basis.

Our consideration of the Funds internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in
internal control over financial reporting that might be material
weaknesses under standards established by the PCAOB.  However,
we noted no deficiencies in the Funds internal control over
financial reporting and its operation, including controls over
safeguarding securities, that we consider to be material
weaknesses as defined above as of December 31, 2022.

This report is intended solely for the information and use of
the Board of Trustees of Putnam Variable Trust and the
Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.

PricewaterhouseCoopers LLP
Boston, Massachusetts
February 9, 2023

1 of 1
1 of 1

PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210
T: (617)530 5000, F: (617) 530 5001, www.pwc.com/us

```

## Internal

```

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Putnam Variable Trust and
Shareholders of Putnam VT Global Health Care Fund:

In planning and performing our audit of the financial statements
of Putnam VT Global Health Care Fund (one of the funds
constituting Putnam Variable Trust, referred to hereafter as the
Fund) as of and for the year ended December 31, 2022, in
accordance with the standards of the Public Company Accounting
Oversight Board (United States) (PCAOB), we considered the Funds
internal control over financial reporting, including controls
over safeguarding securities, as a basis for designing our
auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of
Form NCEN, but not for the purpose of expressing an opinion on
the effectiveness of the Funds internal control over financial
reporting.  Accordingly, we do not express an opinion on the
effectiveness of the Funds internal control over financial
reporting.

The management of the Fund is responsible for establishing and
maintaining effective internal control over financial reporting.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls.  A companys internal control over
financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles.  A
companys internal control over financial reporting includes
those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the
assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the
company are being made only in accordance with authorizations of
management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of a companys
assets that could have a material effect on the financial
statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow
management or employees, in the normal course of performing
their assigned functions, to prevent or detect misstatements on
a timely basis.  A material weakness is a deficiency, or a
combination of deficiencies, in internal control over financial
reporting, such that there is a reasonable possibility that a
material misstatement of the companys annual or interim
financial statements will not be prevented or detected on a
timely basis.

Our consideration of the Funds internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in
internal control over financial reporting that might be material
weaknesses under standards established by the PCAOB.  However,
we noted no deficiencies in the Funds internal control over
financial reporting and its operation, including controls over
safeguarding securities, that we consider to be material
weaknesses as defined above as of December 31, 2022.

?

This report is intended solely for the information and use of
the Board of Trustees of Putnam Variable Trust and the
Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.

PricewaterhouseCoopers LLP
Boston, Massachusetts
February 10, 2023

1 of 1
1 of 1

PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210
T: (617)530 5000, F: (617) 530 5001, www.pwc.com/us

```

## Internal

```

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Putnam Variable Trust and
Shareholders of Putnam VT Research Fund

In planning and performing our audit of the financial statements
of Putnam VT Research Fund (one of the funds constituting Putnam
Variable Trust, referred to hereafter as the  Fund ) as of and
for the year ended December 31, 2022, in accordance with the
standards of the Public Company Accounting Oversight Board
(United States) (PCAOB), we considered the Funds internal
control over financial reporting, including controls over
safeguarding securities, as a basis for designing our auditing
procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form
N-CEN, but not for the purpose of expressing an opinion on the
effectiveness of the Funds internal control over financial
reporting.  Accordingly, we do not express an opinion on the
effectiveness of the Funds internal control over financial
reporting.

The management of the Fund is responsible for establishing and
maintaining effective internal control over financial reporting.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls.  A companys internal control over
financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles.  A
companys internal control over financial reporting includes
those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the
assets of the company  (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the
company are being made only in accordance with authorizations of
management and directors of the company  and (3) provide
reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of a companys
assets that could have a material effect on the financial
statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow
management or employees, in the normal course of performing
their assigned functions, to prevent or detect misstatements on
a timely basis.  A material weakness is a deficiency, or a
combination of deficiencies, in internal control over financial
reporting, such that there is a reasonable possibility that a
material misstatement of the companys annual or interim
financial statements will not be prevented or detected on a
timely basis.

Our consideration of the Funds internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in
internal control over financial reporting that might be material
weaknesses under standards established by the PCAOB.  However,
we noted no deficiencies in the Funds internal control over
financial reporting and its operation, including controls over
safeguarding securities, that we consider to be material
weaknesses as defined above as of December 31, 2022.

?

This report is intended solely for the information and use of
the Board of Trustees of Putnam Variable Trust and the
Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.

PricewaterhouseCoopers LLP
Boston, Massachusetts
February 7, 2023

1 of 1
1 of 1

PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210
T: (617)530 5000, F: (617) 530 5001, www.pwc.com/us

```

## Internal

```

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Putnam Variable Trust and
Shareholders of Putnam VT Small Cap Value Fund

In planning and performing our audit of the financial statements
of Putnam VT Small Cap Value Fund (one of the funds constituting
Putnam Variable Trust, referred to hereafter as the  Fund ) as
of and for the year ended December 31, 2022, in accordance with
the standards of the Public Company Accounting Oversight Board
(United States) (PCAOB), we considered the Funds internal
control over financial reporting, including controls over
safeguarding securities, as a basis for designing our auditing
procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form
N-CEN, but not for the purpose of expressing an opinion on the
effectiveness of the Funds internal control over financial
reporting.  Accordingly, we do not express an opinion on the
effectiveness of the Funds internal control over financial
reporting.

The management of the Fund is responsible for establishing and
maintaining effective internal control over financial reporting.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls.  A companys internal control over
financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles.  A
companys internal control over financial reporting includes
those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the
assets of the company  (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the
company are being made only in accordance with authorizations of
management and directors of the company  and (3) provide
reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of a companys
assets that could have a material effect on the financial
statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow
management or employees, in the normal course of performing
their assigned functions, to prevent or detect misstatements on
a timely basis.  A material weakness is a deficiency, or a
combination of deficiencies, in internal control over financial
reporting, such that there is a reasonable possibility that a
material misstatement of the companys annual or interim
financial statements will not be prevented or detected on a
timely basis.

Our consideration of the Funds internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in
internal control over financial reporting that might be material
weaknesses under standards established by the PCAOB.  However,
we noted no deficiencies in the Funds internal control over
financial reporting and its operation, including controls over
safeguarding securities, that we consider to be material
weaknesses as defined above as of December 31, 2022.

?

This report is intended solely for the information and use of
the Board of Trustees of Putnam Variable Trust and the
Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.

PricewaterhouseCoopers LLP
Boston, Massachusetts
February 13, 2023

1 of 1
1 of 1

PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210
T: (617)530 5000, F: (617) 530 5001, www.pwc.com/us

```

## Internal

```

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Putnam Variable Trust and Shareholders
of Putnam VT Growth Opportunities Fund:

In planning and performing our audit of the financial statements
of Putnam VT Growth Opportunities Fund (one of the funds
constituting Putnam Variable Trust, referred to hereafter as the
Fund) as of and for the year ended December 31, 2022, in
accordance with the standards of the Public Company Accounting
Oversight Board (United States) (PCAOB), we considered the Funds
internal control over financial reporting, including controls over
safeguarding securities, as a basis for designing our auditing
procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form
NCEN, but not for the purpose of expressing an opinion on the
effectiveness of the Funds internal control over financial
reporting.  Accordingly, we do not express an opinion on the
effectiveness of the Funds internal control over financial
reporting.

The management of the Fund is responsible for establishing and
maintaining effective internal control over financial reporting.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls.  A companys internal control over
financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in
accordance with generally accepted accounting principles.  A
companys internal control over financial reporting includes those
policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect
the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that
receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of the
company; and (3) provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition, use or
disposition of a companys assets that could have a material effect
on the financial statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow
management or employees, in the normal course of performing their
assigned functions, to prevent or detect misstatements on a timely
basis.  A material weakness is a deficiency, or a combination of
deficiencies, in internal control over financial reporting, such
that there is a reasonable possibility that a material
misstatement of the companys annual or interim financial
statements will not be prevented or detected on a timely basis.

Our consideration of the Funds internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in
internal control over financial reporting that might be material
weaknesses under standards established by the PCAOB.  However, we
noted no deficiencies in the Funds internal control over financial
reporting and its operation, including controls over safeguarding
securities, that we consider to be material weaknesses as defined
above as of December 31, 2022.

?

This report is intended solely for the information and use of the
Board of Trustees of Putnam Variable Trust and the Securities and
Exchange Commission and is not intended to be and should not be
used by anyone other than these specified parties.

PricewaterhouseCoopers LLP
Boston, Massachusetts
February 8, 2023

1 of 1
1 of 1

PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210
T: (617)530 5000, F: (617) 530 5001, www.pwc.com/us

```

## Internal

```

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Putnam Variable Trust and Shareholders of
Putnam VT Mortgage Securities Fund:

In planning and performing our audit of the financial statements of
Putnam VT Mortgage Securities Fund (one of the funds constituting Putnam
Variable Trust, referred to hereafter as the Fund) as of and for the year
ended December 31, 2022, in accordance with the standards of the Public
Company Accounting Oversight Board (United States) (PCAOB), we considered
the Funds internal control over financial reporting, including controls
over safeguarding securities, as a basis for designing our auditing
procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form NCEN, but not for
the purpose of expressing an opinion on the effectiveness of the Funds
internal control over financial reporting.  Accordingly, we do not
express an opinion on the effectiveness of the Funds internal control
over financial reporting.

The management of the Fund is responsible for establishing and
maintaining effective internal control over financial reporting.  In
fulfilling this responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of controls.
A companys internal control over financial reporting is a process
designed to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting
principles.  A companys internal control over financial reporting
includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with
authorizations of management and directors of the company; and (3)
provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of a companys assets that
could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements.  Also, projections of
any evaluation of effectiveness to future periods are subject to the risk
that controls may become inadequate because of changes in conditions, or
that the degree of compliance with the policies or procedures may
deteriorate.

A deficiency in internal control over financial reporting exists when the
design or operation of a control does not allow management or employees,
in the normal course of performing their assigned functions, to prevent
or detect misstatements on a timely basis.  A material weakness is a
deficiency, or a combination of deficiencies, in internal control over
financial reporting, such that there is a reasonable possibility that a
material misstatement of the companys annual or interim financial
statements will not be prevented or detected on a timely basis.

Our consideration of the Funds internal control over financial reporting
was for the limited purpose described in the first paragraph and would
not necessarily disclose all deficiencies in internal control over
financial reporting that might be material weaknesses under standards
established by the PCAOB.  However, we noted no deficiencies in the Funds
internal control over financial reporting and its operation, including
controls over safeguarding securities, that we consider to be material
weaknesses as defined above as of December 31, 2022.

?

This report is intended solely for the information and use of the Board
of Trustees of Putnam Variable Trust and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone
other than these specified parties.

PricewaterhouseCoopers LLP
Boston, Massachusetts
February 7, 2023

1 of 1
1 of 1

PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210
T: (617)530 5000, F: (617) 530 5001, www.pwc.com/us

```

## Internal

```

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Putnam Variable Trust and
Shareholders of Putnam VT Diversified Income Fund:

In planning and performing our audit of the financial statements
of Putnam VT Diversified Income Fund (one of the funds
constituting Putnam Variable Trust, referred to hereafter as the
Fund) as of and for the year ended December 31, 2022, in
accordance with the standards of the Public Company Accounting
Oversight Board (United States) (PCAOB), we considered the Funds
internal control over financial reporting, including controls
over safeguarding securities, as a basis for designing our
auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of
Form N-CEN, but not for the purpose of expressing an opinion on
the effectiveness of the Funds internal control over financial
reporting.  Accordingly, we do not express an opinion on the
effectiveness of the Funds internal control over financial
reporting.

The management of the Fund is responsible for establishing and
maintaining effective internal control over financial reporting.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls.  A companys internal control over
financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles.  A
companys internal control over financial reporting includes
those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the
assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the
company are being made only in accordance with authorizations of
management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of a companys
assets that could have a material effect on the financial
statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow
management or employees, in the normal course of performing
their assigned functions, to prevent or detect misstatements on
a timely basis.  A material weakness is a deficiency, or a
combination of deficiencies, in internal control over financial
reporting, such that there is a reasonable possibility that a
material misstatement of the companys annual or interim
financial statements will not be prevented or detected on a
timely basis.

Our consideration of the Funds internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in
internal control over financial reporting that might be material
weaknesses under standards established by the PCAOB.  However,
we noted no deficiencies in the Funds internal control over
financial reporting and its operation, including controls over
safeguarding securities, that we consider to be material
weaknesses as defined above as of December 31, 2022.

?

This report is intended solely for the information and use of
the Board of Trustees of Putnam Variable Trust and the
Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.

PricewaterhouseCoopers LLP
Boston, Massachusetts
February 13, 2023

1 of 1
1 of 1

PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210
T: (617)530 5000, F: (617) 530 5001, www.pwc.com/us

```

## Internal

```

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Putnam Variable Trust and
Shareholders of Putnam VT MultiAsset Absolute Return Fund

In planning and performing our audit of the financial statements
of Putnam VT MultiAsset Absolute Return Fund (one of the funds
constituting Putnam Variable Trust, referred to hereafter as the
Fund) as of and for the year ended December 31, 2022, in
accordance with the standards of the Public Company Accounting
Oversight Board (United States) (PCAOB), we considered the Funds
internal control over financial reporting, including controls
over safeguarding securities, as a basis for designing our
auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of
Form NCEN, but not for the purpose of expressing an opinion on
the effectiveness of the Funds internal control over financial
reporting.  Accordingly, we do not express an opinion on the
effectiveness of the Funds internal control over financial
reporting.

The management of the Fund is responsible for establishing and
maintaining effective internal control over financial reporting.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls.  A companys internal control over
financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles.  A
companys internal control over financial reporting includes
those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the
assets of the company (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the
company are being made only in accordance with authorizations of
management and directors of the company and (3) provide
reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of a companys
assets that could have a material effect on the financial
statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow
management or employees, in the normal course of performing
their assigned functions, to prevent or detect misstatements on
a timely basis.  A material weakness is a deficiency, or a
combination of deficiencies, in internal control over financial
reporting, such that there is a reasonable possibility that a
material misstatement of the companys annual or interim
financial statements will not be prevented or detected on a
timely basis.

Our consideration of the Funds internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in
internal control over financial reporting that might be material
weaknesses under standards established by the PCAOB.  However,
we noted no deficiencies in the Funds internal control over
financial reporting and its operation, including controls over
safeguarding securities, that we consider to be material
weaknesses as defined above as of December 31, 2022.

This report is intended solely for the information and use of
the Board of Trustees of Putnam Variable Trust and the
Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.

PricewaterhouseCoopers LLP
Boston, Massachusetts
February 13, 2023

1 of 1
1 of 1

PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210
T: (617)530 5000, F: (617) 530 5001, www.pwc.com/us

```

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0000822671

## N-CEN: Series/Class (Contract) Information

**Series ID Record:1**
- **Series ID:** S000003897

**Series ID Record:2**
- **Series ID:** S000003875

**Series ID Record:3**
- **Series ID:** S000003876

**Series ID Record:4**
- **Series ID:** S000003882

**Series ID Record:5**
- **Series ID:** S000003896

**Series ID Record:6**
- **Series ID:** S000003884

**Series ID Record:7**
- **Series ID:** S000003881

**Series ID Record:8**
- **Series ID:** S000003883

**Series ID Record:9**
- **Series ID:** S000003894

**Series ID Record:10**
- **Series ID:** S000003878

**Series ID Record:11**
- **Series ID:** S000003877

**Series ID Record:12**
- **Series ID:** S000003879

**Series ID Record:13**
- **Series ID:** S000003880

**Series ID Record:14**
- **Series ID:** S000003895

**Series ID Record:15**
- **Series ID:** S000003874

**Series ID Record:16**
- **Series ID:** S000003887

**Series ID Record:17**
- **Series ID:** S000003888

**Series ID Record:18**
- **Series ID:** S000003873

**Series ID Record:19**
- **Series ID:** S000003871

**Series ID Record:20**
- **Series ID:** S000003893

**Series ID Record:21**
- **Series ID:** S000032103

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2022-12-31

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** Putnam Variable Trust

- **Item B.1.b - Investment Company Act file number:** 811-05346

- **Item B.1.c - CIK:** 0000822671

- **Item B.1.d - LEI:** 549300TBVD21LYBGBD46

- **Item B.2.a - Street 1:** 100 FEDERAL STREET

- **Item B.2.b - City:** BOSTON

- **Item B.2.c - State:** MA

- **Item B.2.e - Zip Code:** 02110

- **Item B.2.f - Telephone:** 1-800-225-1581

- **Item B.2.g - Public Website:** WWW.PUTNAM.COM

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** Putnam Retail Management Limited Partnership

- **b. Street 1:** 100 FEDERAL STREET

- **c. City:** BOSTON

- **d. State, if applicable:** MA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 02110

- **g. Telephone number:** 1-800-225-1581

- **h. Briefly describe the books and records kept at this location:** Records include accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the Rules promulgated thereunder

**Location books Record: 2**

- **a. Name of person (e.g., a custodian of records):** Putnam Investor Services, Inc.

- **b. Street 1:** 100 FEDERAL STREET

- **c. City:** BOSTON

- **d. State, if applicable:** MA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 02110

- **g. Telephone number:** 1-800-225-1581

- **h. Briefly describe the books and records kept at this location:** Records include accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the Rules promulgated thereunder

**Location books Record: 3**

- **a. Name of person (e.g., a custodian of records):** Putnam Investment Management, LLC

- **b. Street 1:** 100 FEDERAL STREET

- **c. City:** BOSTON

- **d. State, if applicable:** MA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 02110

- **g. Telephone number:** 1-800-225-1581

- **h. Briefly describe the books and records kept at this location:** Records include accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the Rules promulgated thereunder

**Location books Record: 4**

- **a. Name of person (e.g., a custodian of records):** Higgins Michael J.

- **b. Street 1:** 100 FEDERAL STREET

- **c. City:** BOSTON

- **d. State, if applicable:** MA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 02110

- **g. Telephone number:** 1-800-225-1581

- **h. Briefly describe the books and records kept at this location:** Records include accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the Rules promulgated thereunder

**Location books Record: 5**

- **a. Name of person (e.g., a custodian of records):** State Street Bank and Trust Company

- **b. Street 1:** 2 AVENUE DE LAFAYETTE

- **c. City:** BOSTON

- **d. State, if applicable:** MA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 02111

- **g. Telephone number:** 1-617-786-3000

- **h. Briefly describe the books and records kept at this location:** Records include accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the Rules promulgated thereunder

**Location books Record: 6**

- **a. Name of person (e.g., a custodian of records):** State Street Bank and Trust Company

- **b. Street 1:** 225 FRANKLIN STREET

- **c. City:** BOSTON

- **d. State, if applicable:** MA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 02110

- **g. Telephone number:** 1-617-786-3000

- **h. Briefly describe the books and records kept at this location:** Records include accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the Rules promulgated thereunder

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

- **Item B.5.a - Is the Registrant part of a family of investment companies?:** Yes

- **Item B.5.a.i - Full name of family of investment companies:** Putnam Family of Funds

### Item B.6 - Organization

- [x] a. Open-end management investment company registered under the Act on Form N-1A

- [ ] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** 21

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name                | Is Interested Person?   | Other Investment Company File Numbers   |
|:---|:---|:---|
| Murphy Jennifer     | No                      | N/A                                     |
| Pillai Marie        | No                      | N/A                                     |
| Ahamed Liaquat      | No                      | N/A                                     |
| Baumann Barbara M   | No                      | N/A                                     |
| Domotorffy Katinka  | No                      | N/A                                     |
| Hill Catharine Bond | No                      | N/A                                     |
| Leibler Kenneth R   | No                      | N/A                                     |
| Putnam, III George  | No                      | N/A                                     |
| Reynolds Robert L   | Yes                     | N/A                                     |
| Singh Manoj P       | No                      | N/A                                     |
| Sutphen Mona K      | No                      | N/A                                     |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Clark James F

- **b. CRD Number, if any:** N/A

- **c. Street Address 1:** 100 FEDERAL STREET

- **d. City:** BOSTON

- **e. State, if applicable:** MA

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 02110

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** No

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** —

| Series Name                                 | Series ID   |
|:---|:---|
| Putnam VT Focused International Equity Fund | S000003897  |
| Putnam VT High Yield Fund                   | S000003875  |
| Putnam VT Income Fund                       | S000003876  |
| Putnam VT Government Money Market Fund      | S000003882  |
| Putnam VT Global Asset Allocation Fund      | S000003896  |
| Putnam VT Sustainable Leaders Fund          | S000003884  |
| Putnam VT Sustainable Future Fund           | S000003881  |
| Putnam VT Small Cap Growth Fund             | S000003883  |
| Putnam VT Large Cap Value Fund              | S000003894  |
| Putnam VT International Value Fund          | S000003878  |
| Putnam VT International Equity Fund         | S000003877  |
| Putnam VT Emerging Markets Equity Fund      | S000003879  |
| Putnam VT Multi-Cap Core Fund               | S000003880  |
| Putnam VT George Putnam Balanced Fund       | S000003895  |
| Putnam VT Global Health Care Fund           | S000003874  |
| Putnam VT Research Fund                     | S000003887  |
| Putnam VT Small Cap Value Fund              | S000003888  |
| Putnam VT Growth Opportunities Fund         | S000003873  |
| Putnam VT Mortgage Securities Fund          | S000003871  |
| Putnam VT Diversified Income Fund           | S000003893  |
| Putnam VT Multi-Asset Absolute Return Fund  | S000032103  |

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a.i - Release numbers:**
  - IC-25271
  - IC-24210
  - IC-18998
  - IC-20851
  - IC-19984
  - IC-24210
  - IC-18998
  - IC-20851
  - IC-19984
  - IC-24210
  - IC-18998
  - IC-20851
  - IC-19984
  - IC-24210
  - IC-18998
  - IC-20851
  - IC-19984
  - IC-25271
  - IC-24210
  - IC-18998
  - IC-20851
  - IC-19984
  - IC-25271
  - IC-24210
  - IC-18998
  - IC-20851
  - IC-19984
  - IC-25271
  - IC-24210
  - IC-18998
  - IC-20851
  - IC-19984
  - IC-25271
  - IC-24210
  - IC-18998
  - IC-20851
  - IC-19984
  - IC-25271
  - IC-24210
  - IC-18998
  - IC-20851
  - IC-19984
  - IC-25271
  - IC-24210
  - IC-18998
  - IC-20851
  - IC-19984
  - IC-25271
  - IC-24210
  - IC-18998
  - IC-20851
  - IC-19984
  - IC-25271
  - IC-20851
  - IC-19984
  - IC-25271
  - IC-24210
  - IC-18998
  - IC-20851
  - IC-19984
  - IC-25271
  - IC-24210
  - IC-18998
  - IC-20851
  - IC-25271
  - IC-24210
  - IC-18998
  - IC-20851
  - IC-19984
  - IC-25271
  - IC-24210
  - IC-18998
  - IC-20851
  - IC-19984
  - IC-25271
  - IC-24210
  - IC-18998
  - IC-20851
  - IC-19984
  - IC-25271
  - IC-24210
  - IC-18998
  - IC-20851
  - IC-19984
  - IC-24210
  - IC-19984
  - IC-18998
  - IC-20851
  - IC-24210
  - IC-18998
  - IC-20851
  - IC-19984
  - IC-25271
  - IC-24210
  - IC-18998
  - IC-20851
  - IC-19984

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

- **i. Full name:** Putnam Retail Management Limited Partnership

- **ii. SEC file number:** 8-5088

- **iii. CRD number:** 000007325

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** Yes

- **b. Have any principal underwriters been hired or terminated during the reporting period?** No

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** PricewaterhouseCoopers LLP

- **b. PCAOB Number:** 238

- **c. LEI, if any:** 5493002GVO7EO8RNNS37

- **d. State, if applicable:** MA

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.22.a - Were any payments made to shareholders as a result of an error in calculating NAV?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - Putnam VT Focused International Equity Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Putnam VT Focused International Equity Fund

- **b. Series identification number, if any:** S000003897

- **c. LEI:** PK9XS95JYYM8HJ2EFT97

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 2

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                             | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | PUTNAM VT FOCUSED INTERNATIONAL EQUITY FUND CL IA | C000010889                                | N/A                          |
|                           2 | PUTNAM VT FOCUSED INTERNATIONAL EQUITY FUND CL IB | C000010890                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** Goldman Sachs Bank USA

- **ii. LEI, if any:** KD3XUN7C6T14HNAYLU02

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** The Putnam Advisory Company LLC

- **ii. LEI, if any:** 88LQ6PPLZCCSTCFX1D09

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** No

- **iv. Is the cash collateral manager an affiliated person of the Fund?** Yes

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [ ] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $264,072.00

- **g. Provide the net income from securities lending activities:** $11,518.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 17a-6 (17 CFR 270.17a-6)

- Rule 17a-7 (17 CFR 270.17a-7)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(d)(ii) (17 CFR 270.18f-4(d)(ii))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Putnam Investment Management, LLC

- **ii. SEC file number:** 801-7974

- **iii. CRD number:** 000106629

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Putnam Investments Limited

- **ii. SEC file number:** 801-61441

- **iii. CRD number:** 000122254

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vi. Foreign country, if applicable:** GB

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Sub-adviser Record: 2**

- **i. Full name:** The Putnam Advisory Company, LLC

- **ii. SEC file number:** 801-5097

- **iii. CRD number:** 000106631

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. SEC file number:** 84-06331

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Reuters

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Reuters (equities)

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** ICE Data Services (Corp)

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** State Street Bank and Trust Company

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

No Administrators reported.

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** JPMS - J.P. MORGAN SECURITIES, LLC.

- **ii. SEC file number:** 8-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $35,897.62

**Brokers Record: 2**

- **i. Full name of broker:** UBSW - UBS SECURITIES L.L.C.

- **ii. SEC file number:** 8-22651

- **iii. CRD number:** 000007654

- **iv. LEI, if any:** T6FIZBDPKLYJKFCRVK44

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $18,890.20

**Brokers Record: 3**

- **i. Full name of broker:** CGML - CITIGROUP GLOBAL MARKETS INC

- **ii. SEC file number:** 8-8177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** 6SHGI4ZSSLCXXQSBB395

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $16,822.32

**Brokers Record: 4**

- **i. Full name of broker:** RBCD - RBC CAPITAL MARKETS LLC

- **ii. SEC file number:** 8-45411

- **iii. CRD number:** 000031194

- **iv. LEI, if any:** 549300LCO2FLSSVFFR64

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $14,125.60

**Brokers Record: 5**

- **i. Full name of broker:** MLCO - BofA Securities, Inc.

- **ii. SEC file number:** 8-7221

- **iii. CRD number:** 000007691

- **iv. LEI, if any:** 549300HN4UKV1E2R3U73

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $13,659.30

**Brokers Record: 6**

- **i. Full name of broker:** MSCO - MORGAN STANLEY & CO. LLC

- **ii. SEC file number:** 8-15869

- **iii. CRD number:** 000008209

- **iv. LEI, if any:** 9R7GPTSO7KV3UQJZQ078

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $13,530.82

**Brokers Record: 7**

- **i. Full name of broker:** JEFF - JEFFERIES LLC

- **ii. SEC file number:** 8-15074

- **iii. CRD number:** 000002347

- **iv. LEI, if any:** 58PU97L1C0WSRCWADL48

- **v. State, if applicable:** NJ

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $11,616.24

**Brokers Record: 8**

- **i. Full name of broker:** BCAP - BARCLAYS CAPITAL, INC.

- **ii. SEC file number:** 8-41342

- **iii. CRD number:** 000019714

- **iv. LEI, if any:** AC28XWWI3WIBK2824319

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $9,047.82

**Brokers Record: 9**

- **i. Full name of broker:** GSCO - GOLDMAN SACHS & CO LLC

- **ii. SEC file number:** 8-129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $8,976.08

**Brokers Record: 10**

- **i. Full name of broker:** ODPN - ODDO PINATTON

- **ii. SEC file number:** 8-50975

- **iii. CRD number:** 000045104

- **iv. LEI, if any:** 254900PB6XNTR7C0W579

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,853.13

**Aggregate Commission:** $167,077.14

**Item C.17.a. Principal transaction counterparties.**

| Name                                 | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| MLCO - BofA Securities, Inc.         | 8-7221            |    000007691 | 549300HN4UKV1E2R3U73 | NY      | US        | $119,868,000.00           |
| CGMI - CITIGROUP GLOBAL MARKETS INC. | 8-8177            |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $4,096,000.00             |
| JPMS - J.P. MORGAN SECURITIES, LLC.  | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $2,309,452.34             |
| CTDL - CITADEL SECURITIES LLC        | 8-53574           |    000116797 | 12UUJYTN7D3SW8KCSG25 | IL      | US        | $697,386.95               |
| BMOC - BMO CAPITAL MARKETS CORP.     | 8-34344           |    000016686 | RUC0QBLBRPRCU4W1NE59 | NY      | US        | $598,159.78               |
| RBCA - ROYAL BANK OF CANADA          | 8-45411           |    000031194 | ES7IP3U3RHIGC71XBU11 |  |  | $439,000.00               |
| BCAP - BARCLAYS CAPITAL, INC.        | 8-41342           |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $199,257.94               |
| MSCO - MORGAN STANLEY & CO. LLC      | 8-15869           |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $99,874.47                |
| WCHV - WELLS FARGO SECURITIES, LLC   | 8-65876           |    000126292 | VYVVCKR63DVZZN70PB21 | NC      | US        | $99,667.89                |
| GSCO - GOLDMAN SACHS & CO LLC        | 8-129             |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $99,604.71                |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $128,506,404.08

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $170,467,040.69

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $100,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** State Street Bank and Trust Company

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                      | SEC File number   |
|:---|:---|
| Putnam VT Small Cap Growth Fund                   | 811-05346         |
| Putnam VT Sustainable Future Fund                 | 811-05346         |
| Putnam VT Large Cap Value Fund                    | 811-05346         |
| Putnam International Equity Fund                  | 811-06190         |
| Putnam VT Global Asset Allocation Fund            | 811-05346         |
| Putnam Tax Free High Yield Fund                   | 811-04345         |
| Putnam Dynamic Asset Allocation Growth Fund       | 811-07121         |
| Putnam Large Cap Value Fund                       | 811-02742         |
| Putnam VT Mortgage Securities Fund                | 811-05346         |
| Putnam VT International Equity Fund               | 811-05346         |
| Putnam Dynamic Asset Allocation Conservative Fund | 811-07121         |
| Putnam California Tax Exempt Income Fund          | 811-03630         |
| Putnam VT International Value Fund                | 811-05346         |
| Putnam Growth Opportunities Fund                  | 811-07237         |
| George Putnam Balanced Fund                       | 811-00058         |
| Putnam Diversified Income Trust                   | 811-05635         |
| Putnam Money Market Fund                          | 811-02608         |
| Putnam International Capital Opportunities Fund   | 811-07237         |
| Putnam VT George Putnam Balanced Fund             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund            | 811-05346         |
| Putnam Pennsylvania Tax Exempt Income Fund        | 811-05802         |
| Putnam VT Small Cap Value Fund                    | 811-05346         |
| Putnam VT Income Fund                             | 811-05346         |
| Putnam Global Income Trust                        | 811-04524         |
| Putnam Sustainable Leaders Fund                   | 811-06128         |
| Putnam Dynamic Asset Allocation Balanced Fund     | 811-07121         |
| Putnam International Value Fund                   | 811-07513         |
| Putnam Global Health Care Fund                    | 811-03386         |
| Putnam Sustainable Future Fund                    | 811-07237         |
| Putnam VT Research Fund                           | 811-05346         |
| Putnam Mortgage Securities Fund                   | 811-03897         |
| Putnam Minnesota Tax Exempt Income Fund           | 811-04527         |
| Putnam VT Diversified Income Fund                 | 811-05346         |
| Putnam VT Sustainable Leaders Fund                | 811-05346         |
| Putnam Strategic Intermediate Municipal Fund      | 811-04345         |
| Putnam Small Cap Value Fund                       | 811-07237         |
| Putnam Massachusetts Tax Exempt Income Fund       | 811-04518         |
| Putnam VT Government Money Market Fund            | 811-05346         |
| Putnam Research Fund                              | 811-07237         |
| Putnam New Jersey Tax Exempt Income Fund          | 811-05977         |
| Putnam VT Global Health Care Fund                 | 811-05346         |
| Putnam VT Focused International Equity Fund       | 811-05346         |
| Putnam Small Cap Growth Fund                      | 811-07513         |
| Putnam VT Growth Opportunities Fund               | 811-05346         |
| Putnam New York Tax Exempt Income Fund            | 811-03741         |
| Putnam VT High Yield Fund                         | 811-05346         |
| Putnam Tax Exempt Income Fund                     | 811-02675         |
| Putnam Convertible Securities Fund                | 811-02280         |
| Putnam Ohio Tax Exempt Income Fund                | 811-04528         |
| Putnam VT Multi-Cap Core Fund                     | 811-05346         |
| Putnam Income Fund                                | 811-00653         |
| Putnam Floating Rate Income Fund                  | 811-07513         |
| Putnam Short Duration Bond Fund                   | 811-07513         |
| Putnam Global Technology Fund                     | 811-07513         |
| Putnam Emerging Markets Equity Fund               | 811-07513         |
| Putnam Fixed Income Absolute Return Fund          | 811-07513         |
| Putnam Multi-Asset Absolute Return Fund           | 811-07513         |
| Putnam Dynamic Asset Allocation Equity Fund       | 811-07513         |
| Putnam Dynamic Risk Allocation Fund               | 811-07513         |
| Putnam Focused Equity Fund                        | 811-07513         |
| Putnam Core Equity Fund                           | 811-07513         |
| Putnam Ultra Short Duration Income Fund           | 811-07513         |
| Putnam Intermediate-Term Municipal Income Fund    | 811-07513         |
| Putnam Government Money Market Fund               | 811-07237         |
| Putnam VT Multi-Asset Absolute Return Fund        | 811-05346         |
| Putnam Mortgage Opportunities Fund                | 811-07513         |
| Putnam PanAgora Risk Parity Fund                  | 811-07237         |
| Putnam Short-Term Municipal Income Fund           | 811-07513         |
| Putnam High Yield Fund                            | 811-04616         |
| Putnam Sustainable Leaders ETF                    | 811-23643         |
| Putnam Focused International Equity Fund          | 811-01403         |
| Putnam Sustainable Future ETF                     | 811-23643         |
| Putnam Focused Large Cap Growth ETF               | 811-23643         |
| Putnam Focused Large Cap Value ETF                | 811-23643         |
| Putnam Multi-Asset Income Fund                    | 811-07121         |
| Putnam BioRevolution ETF                          | 811-23643         |
| Putnam BDC Income ETF                             | 811-23643         |

- **v. Did the Fund draw on the line of credit this period?** No

**Line of Credit details Record: 2**

- **i. Is the line of credit a committed or uncommitted line of credit?** Uncommitted

- **ii. What size is the line of credit?** $235,500,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** State Street Bank and Trust Company

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                      | SEC File number   |
|:---|:---|
| Putnam VT Small Cap Growth Fund                   | 811-05346         |
| Putnam VT Sustainable Future Fund                 | 811-05346         |
| Putnam VT Large Cap Value Fund                    | 811-05346         |
| Putnam International Equity Fund                  | 811-06190         |
| Putnam VT Global Asset Allocation Fund            | 811-05346         |
| Putnam Tax Free High Yield Fund                   | 811-04345         |
| Putnam Dynamic Asset Allocation Growth Fund       | 811-07121         |
| Putnam Large Cap Value Fund                       | 811-02742         |
| Putnam VT Mortgage Securities Fund                | 811-05346         |
| Putnam VT International Equity Fund               | 811-05346         |
| Putnam Dynamic Asset Allocation Conservative Fund | 811-07121         |
| Putnam California Tax Exempt Income Fund          | 811-03630         |
| Putnam VT International Value Fund                | 811-05346         |
| Putnam Growth Opportunities Fund                  | 811-07237         |
| George Putnam Balanced Fund                       | 811-00058         |
| Putnam Diversified Income Trust                   | 811-05635         |
| Putnam Money Market Fund                          | 811-02608         |
| Putnam International Capital Opportunities Fund   | 811-07237         |
| Putnam VT George Putnam Balanced Fund             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund            | 811-05346         |
| Putnam Pennsylvania Tax Exempt Income Fund        | 811-05802         |
| Putnam VT Small Cap Value Fund                    | 811-05346         |
| Putnam VT Income Fund                             | 811-05346         |
| Putnam Global Income Trust                        | 811-04524         |
| Putnam Sustainable Leaders Fund                   | 811-06128         |
| Putnam Dynamic Asset Allocation Balanced Fund     | 811-07121         |
| Putnam International Value Fund                   | 811-07513         |
| Putnam Global Health Care Fund                    | 811-03386         |
| Putnam Sustainable Future Fund                    | 811-07237         |
| Putnam VT Research Fund                           | 811-05346         |
| Putnam Mortgage Securities Fund                   | 811-03897         |
| Putnam Minnesota Tax Exempt Income Fund           | 811-04527         |
| Putnam VT Diversified Income Fund                 | 811-05346         |
| Putnam VT Sustainable Leaders Fund                | 811-05346         |
| Putnam Strategic Intermediate Municipal Fund      | 811-04345         |
| Putnam Small Cap Value Fund                       | 811-07237         |
| Putnam Massachusetts Tax Exempt Income Fund       | 811-04518         |
| Putnam VT Government Money Market Fund            | 811-05346         |
| Putnam Research Fund                              | 811-07237         |
| Putnam New Jersey Tax Exempt Income Fund          | 811-05977         |
| Putnam VT Global Health Care Fund                 | 811-05346         |
| Putnam VT Focused International Equity Fund       | 811-05346         |
| Putnam Small Cap Growth Fund                      | 811-07513         |
| Putnam VT Growth Opportunities Fund               | 811-05346         |
| Putnam New York Tax Exempt Income Fund            | 811-03741         |
| Putnam VT High Yield Fund                         | 811-05346         |
| Putnam Tax Exempt Income Fund                     | 811-02675         |
| Putnam Convertible Securities Fund                | 811-02280         |
| Putnam Ohio Tax Exempt Income Fund                | 811-04528         |
| Putnam VT Multi-Cap Core Fund                     | 811-05346         |
| Putnam Income Fund                                | 811-00653         |
| Putnam Floating Rate Income Fund                  | 811-07513         |
| Putnam Short Duration Bond Fund                   | 811-07513         |
| Putnam Global Technology Fund                     | 811-07513         |
| Putnam Emerging Markets Equity Fund               | 811-07513         |
| Putnam Fixed Income Absolute Return Fund          | 811-07513         |
| Putnam Multi-Asset Absolute Return Fund           | 811-07513         |
| Putnam Dynamic Asset Allocation Equity Fund       | 811-07513         |
| Putnam Dynamic Risk Allocation Fund               | 811-07513         |
| Putnam Focused Equity Fund                        | 811-07513         |
| Putnam Core Equity Fund                           | 811-07513         |
| Putnam Ultra Short Duration Income Fund           | 811-07513         |
| Putnam Intermediate-Term Municipal Income Fund    | 811-07513         |
| Putnam Government Money Market Fund               | 811-07237         |
| Putnam VT Multi-Asset Absolute Return Fund        | 811-05346         |
| Putnam Mortgage Opportunities Fund                | 811-07513         |
| Putnam PanAgora Risk Parity Fund                  | 811-07237         |
| Putnam Short-Term Municipal Income Fund           | 811-07513         |
| Putnam High Yield Fund                            | 811-04616         |
| Putnam Sustainable Leaders ETF                    | 811-23643         |
| Putnam Focused International Equity Fund          | 811-01403         |
| Putnam Sustainable Future ETF                     | 811-23643         |
| Putnam Focused Large Cap Growth ETF               | 811-23643         |
| Putnam Focused Large Cap Value ETF                | 811-23643         |
| Putnam Multi-Asset Income Fund                    | 811-07121         |
| Putnam BioRevolution ETF                          | 811-23643         |
| Putnam BDC Income ETF                             | 811-23643         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 2 - Putnam VT High Yield Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Putnam VT High Yield Fund

- **b. Series identification number, if any:** S000003875

- **c. LEI:** FZCF32TUQ6MTFH6JWS05

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 2

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class         | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | PUTNAM VT HIGH YIELD CLASS IA | C000010845                                | N/A                          |
|                           2 | PUTNAM VT HIGH YIELD CLASS IB | C000010846                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 17a-6 (17 CFR 270.17a-6)

- Rule 17a-7 (17 CFR 270.17a-7)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Putnam Investment Management, LLC

- **ii. SEC file number:** 801-7974

- **iii. CRD number:** 000106629

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Putnam Investments Limited

- **ii. SEC file number:** 801-61441

- **iii. CRD number:** 000122254

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vi. Foreign country, if applicable:** GB

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. SEC file number:** 84-06331

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Reuters (equities)

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** MARKIT

- **ii. LEI, if any, or provide and describe other identifying number:** 549300HLPTRASHS0E726

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Reuters (Corp)

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** Reuters

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 5**

- **i. Full name:** ICE Data Services (Convert)

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 6**

- **i. Full name:** ICE Data Services (Corp)

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 7**

- **i. Full name:** PDVENDOR

- **ii. LEI, if any, or provide and describe other identifying number:** 549300WIC0TOJ7N7GD54

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 8**

- **i. Full name:** Reuters (loan)

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** State Street Bank and Trust Company

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

No Administrators reported.

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** BCAP - BARCLAYS CAPITAL, INC.

- **ii. SEC file number:** 8-41342

- **iii. CRD number:** 000019714

- **iv. LEI, if any:** AC28XWWI3WIBK2824319

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $885.60

**Brokers Record: 2**

- **i. Full name of broker:** GSCO - GOLDMAN SACHS & CO LLC

- **ii. SEC file number:** 8-129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $813.38

**Brokers Record: 3**

- **i. Full name of broker:** UBSW - UBS SECURITIES L.L.C.

- **ii. SEC file number:** 8-22651

- **iii. CRD number:** 000007654

- **iv. LEI, if any:** T6FIZBDPKLYJKFCRVK44

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $524.52

**Brokers Record: 4**

- **i. Full name of broker:** CSFB - CREDIT SUISSE SECURITIES (USA), LLC

- **ii. SEC file number:** 8-422

- **iii. CRD number:** 000000816

- **iv. LEI, if any:** 1V8Y6QCX6YMJ2OELII46

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $394.00

**Brokers Record: 5**

- **i. Full name of broker:** MLCO - BofA Securities, Inc.

- **ii. SEC file number:** 8-7221

- **iii. CRD number:** 000007691

- **iv. LEI, if any:** 549300HN4UKV1E2R3U73

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $248.60

**Brokers Record: 6**

- **i. Full name of broker:** CGML - CITIGROUP GLOBAL MARKETS INC

- **ii. SEC file number:** 8-8177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** 6SHGI4ZSSLCXXQSBB395

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $180.25

**Brokers Record: 7**

- **i. Full name of broker:** BMOC - BMO CAPITAL MARKETS CORP.

- **ii. SEC file number:** 8-34344

- **iii. CRD number:** 000016686

- **iv. LEI, if any:** RUC0QBLBRPRCU4W1NE59

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $116.00

**Brokers Record: 8**

- **i. Full name of broker:** MSCO - MORGAN STANLEY & CO. LLC

- **ii. SEC file number:** 8-15869

- **iii. CRD number:** 000008209

- **iv. LEI, if any:** 9R7GPTSO7KV3UQJZQ078

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $93.81

**Brokers Record: 9**

- **i. Full name of broker:** RBCD - RBC CAPITAL MARKETS LLC

- **ii. SEC file number:** 8-45411

- **iii. CRD number:** 000031194

- **iv. LEI, if any:** 549300LCO2FLSSVFFR64

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $0.14

**Aggregate Commission:** $3,256.30

**Item C.17.a. Principal transaction counterparties.**

| Name                                                   | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| MLCO - BofA Securities, Inc.                           | 8-7221            |    000007691 | 549300HN4UKV1E2R3U73 | NY      | US        | $276,893,651.41           |
| JPMS - J.P. MORGAN SECURITIES, LLC.                    | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $34,050,082.86            |
| CGMI - CITIGROUP GLOBAL MARKETS INC.                   | 8-8177            |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $10,609,000.00            |
| GSCO - GOLDMAN SACHS & CO LLC                          | 8-129             |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $10,422,179.32            |
| JEFF - JEFFERIES LLC                                   | 8-15074           |    000002347 | 58PU97L1C0WSRCWADL48 | NJ      | US        | $7,048,114.50             |
| BCAP - BARCLAYS CAPITAL, INC.                          | 8-41342           |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $5,451,683.54             |
| CITG - CITIGROUP GLOBAL MARKETS, INC./SALOMON BROTHERS | 8-8177            |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $4,368,796.71             |
| MSCO - MORGAN STANLEY & CO. LLC                        | 8-15869           |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $4,117,575.20             |
| DBAB - DEUTSCHE BANK SECURITIES INC.                   | 8-17822           |    000002525 | 9J6MBOOO7BECTDTUZW19 | NY      | US        | $3,988,602.60             |
| WCHV - WELLS FARGO SECURITIES, LLC                     | 8-65876           |    000126292 | VYVVCKR63DVZZN70PB21 | NC      | US        | $3,982,311.50             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $382,517,970.95

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $144,477,346.85

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $100,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** State Street Bank and Trust Company

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                      | SEC File number   |
|:---|:---|
| Putnam VT Small Cap Growth Fund                   | 811-05346         |
| Putnam VT Sustainable Future Fund                 | 811-05346         |
| Putnam VT Large Cap Value Fund                    | 811-05346         |
| Putnam International Equity Fund                  | 811-06190         |
| Putnam VT Global Asset Allocation Fund            | 811-05346         |
| Putnam Tax Free High Yield Fund                   | 811-04345         |
| Putnam Dynamic Asset Allocation Growth Fund       | 811-07121         |
| Putnam Large Cap Value Fund                       | 811-02742         |
| Putnam VT Mortgage Securities Fund                | 811-05346         |
| Putnam VT International Equity Fund               | 811-05346         |
| Putnam Dynamic Asset Allocation Conservative Fund | 811-07121         |
| Putnam California Tax Exempt Income Fund          | 811-03630         |
| Putnam VT International Value Fund                | 811-05346         |
| Putnam Growth Opportunities Fund                  | 811-07237         |
| George Putnam Balanced Fund                       | 811-00058         |
| Putnam Diversified Income Trust                   | 811-05635         |
| Putnam Money Market Fund                          | 811-02608         |
| Putnam International Capital Opportunities Fund   | 811-07237         |
| Putnam VT George Putnam Balanced Fund             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund            | 811-05346         |
| Putnam Pennsylvania Tax Exempt Income Fund        | 811-05802         |
| Putnam VT Small Cap Value Fund                    | 811-05346         |
| Putnam VT Income Fund                             | 811-05346         |
| Putnam Global Income Trust                        | 811-04524         |
| Putnam Sustainable Leaders Fund                   | 811-06128         |
| Putnam Dynamic Asset Allocation Balanced Fund     | 811-07121         |
| Putnam International Value Fund                   | 811-07513         |
| Putnam Global Health Care Fund                    | 811-03386         |
| Putnam Sustainable Future Fund                    | 811-07237         |
| Putnam VT Research Fund                           | 811-05346         |
| Putnam Mortgage Securities Fund                   | 811-03897         |
| Putnam Minnesota Tax Exempt Income Fund           | 811-04527         |
| Putnam VT Diversified Income Fund                 | 811-05346         |
| Putnam VT Sustainable Leaders Fund                | 811-05346         |
| Putnam Strategic Intermediate Municipal Fund      | 811-04345         |
| Putnam Small Cap Value Fund                       | 811-07237         |
| Putnam Massachusetts Tax Exempt Income Fund       | 811-04518         |
| Putnam VT Government Money Market Fund            | 811-05346         |
| Putnam Research Fund                              | 811-07237         |
| Putnam New Jersey Tax Exempt Income Fund          | 811-05977         |
| Putnam VT Global Health Care Fund                 | 811-05346         |
| Putnam VT Focused International Equity Fund       | 811-05346         |
| Putnam Small Cap Growth Fund                      | 811-07513         |
| Putnam VT Growth Opportunities Fund               | 811-05346         |
| Putnam New York Tax Exempt Income Fund            | 811-03741         |
| Putnam VT High Yield Fund                         | 811-05346         |
| Putnam Tax Exempt Income Fund                     | 811-02675         |
| Putnam Convertible Securities Fund                | 811-02280         |
| Putnam Ohio Tax Exempt Income Fund                | 811-04528         |
| Putnam VT Multi-Cap Core Fund                     | 811-05346         |
| Putnam Income Fund                                | 811-00653         |
| Putnam Floating Rate Income Fund                  | 811-07513         |
| Putnam Short Duration Bond Fund                   | 811-07513         |
| Putnam Global Technology Fund                     | 811-07513         |
| Putnam Emerging Markets Equity Fund               | 811-07513         |
| Putnam Fixed Income Absolute Return Fund          | 811-07513         |
| Putnam Multi-Asset Absolute Return Fund           | 811-07513         |
| Putnam Dynamic Asset Allocation Equity Fund       | 811-07513         |
| Putnam Dynamic Risk Allocation Fund               | 811-07513         |
| Putnam Focused Equity Fund                        | 811-07513         |
| Putnam Core Equity Fund                           | 811-07513         |
| Putnam Ultra Short Duration Income Fund           | 811-07513         |
| Putnam Intermediate-Term Municipal Income Fund    | 811-07513         |
| Putnam Government Money Market Fund               | 811-07237         |
| Putnam VT Multi-Asset Absolute Return Fund        | 811-05346         |
| Putnam Mortgage Opportunities Fund                | 811-07513         |
| Putnam PanAgora Risk Parity Fund                  | 811-07237         |
| Putnam Short-Term Municipal Income Fund           | 811-07513         |
| Putnam High Yield Fund                            | 811-04616         |
| Putnam Sustainable Leaders ETF                    | 811-23643         |
| Putnam Focused International Equity Fund          | 811-01403         |
| Putnam Sustainable Future ETF                     | 811-23643         |
| Putnam Focused Large Cap Growth ETF               | 811-23643         |
| Putnam Focused Large Cap Value ETF                | 811-23643         |
| Putnam Multi-Asset Income Fund                    | 811-07121         |
| Putnam BioRevolution ETF                          | 811-23643         |
| Putnam BDC Income ETF                             | 811-23643         |

- **v. Did the Fund draw on the line of credit this period?** No

**Line of Credit details Record: 2**

- **i. Is the line of credit a committed or uncommitted line of credit?** Uncommitted

- **ii. What size is the line of credit?** $235,500,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** State Street Bank and Trust Company

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                      | SEC File number   |
|:---|:---|
| Putnam VT Small Cap Growth Fund                   | 811-05346         |
| Putnam VT Sustainable Future Fund                 | 811-05346         |
| Putnam VT Large Cap Value Fund                    | 811-05346         |
| Putnam International Equity Fund                  | 811-06190         |
| Putnam VT Global Asset Allocation Fund            | 811-05346         |
| Putnam Tax Free High Yield Fund                   | 811-04345         |
| Putnam Dynamic Asset Allocation Growth Fund       | 811-07121         |
| Putnam Large Cap Value Fund                       | 811-02742         |
| Putnam VT Mortgage Securities Fund                | 811-05346         |
| Putnam VT International Equity Fund               | 811-05346         |
| Putnam Dynamic Asset Allocation Conservative Fund | 811-07121         |
| Putnam California Tax Exempt Income Fund          | 811-03630         |
| Putnam VT International Value Fund                | 811-05346         |
| Putnam Growth Opportunities Fund                  | 811-07237         |
| George Putnam Balanced Fund                       | 811-00058         |
| Putnam Diversified Income Trust                   | 811-05635         |
| Putnam Money Market Fund                          | 811-02608         |
| Putnam International Capital Opportunities Fund   | 811-07237         |
| Putnam VT George Putnam Balanced Fund             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund            | 811-05346         |
| Putnam Pennsylvania Tax Exempt Income Fund        | 811-05802         |
| Putnam VT Small Cap Value Fund                    | 811-05346         |
| Putnam VT Income Fund                             | 811-05346         |
| Putnam Global Income Trust                        | 811-04524         |
| Putnam Sustainable Leaders Fund                   | 811-06128         |
| Putnam Dynamic Asset Allocation Balanced Fund     | 811-07121         |
| Putnam International Value Fund                   | 811-07513         |
| Putnam Global Health Care Fund                    | 811-03386         |
| Putnam Sustainable Future Fund                    | 811-07237         |
| Putnam VT Research Fund                           | 811-05346         |
| Putnam Mortgage Securities Fund                   | 811-03897         |
| Putnam Minnesota Tax Exempt Income Fund           | 811-04527         |
| Putnam VT Diversified Income Fund                 | 811-05346         |
| Putnam VT Sustainable Leaders Fund                | 811-05346         |
| Putnam Strategic Intermediate Municipal Fund      | 811-04345         |
| Putnam Small Cap Value Fund                       | 811-07237         |
| Putnam Massachusetts Tax Exempt Income Fund       | 811-04518         |
| Putnam VT Government Money Market Fund            | 811-05346         |
| Putnam Research Fund                              | 811-07237         |
| Putnam New Jersey Tax Exempt Income Fund          | 811-05977         |
| Putnam VT Global Health Care Fund                 | 811-05346         |
| Putnam VT Focused International Equity Fund       | 811-05346         |
| Putnam Small Cap Growth Fund                      | 811-07513         |
| Putnam VT Growth Opportunities Fund               | 811-05346         |
| Putnam New York Tax Exempt Income Fund            | 811-03741         |
| Putnam VT High Yield Fund                         | 811-05346         |
| Putnam Tax Exempt Income Fund                     | 811-02675         |
| Putnam Convertible Securities Fund                | 811-02280         |
| Putnam Ohio Tax Exempt Income Fund                | 811-04528         |
| Putnam VT Multi-Cap Core Fund                     | 811-05346         |
| Putnam Income Fund                                | 811-00653         |
| Putnam Floating Rate Income Fund                  | 811-07513         |
| Putnam Short Duration Bond Fund                   | 811-07513         |
| Putnam Global Technology Fund                     | 811-07513         |
| Putnam Emerging Markets Equity Fund               | 811-07513         |
| Putnam Fixed Income Absolute Return Fund          | 811-07513         |
| Putnam Multi-Asset Absolute Return Fund           | 811-07513         |
| Putnam Dynamic Asset Allocation Equity Fund       | 811-07513         |
| Putnam Dynamic Risk Allocation Fund               | 811-07513         |
| Putnam Focused Equity Fund                        | 811-07513         |
| Putnam Core Equity Fund                           | 811-07513         |
| Putnam Ultra Short Duration Income Fund           | 811-07513         |
| Putnam Intermediate-Term Municipal Income Fund    | 811-07513         |
| Putnam Government Money Market Fund               | 811-07237         |
| Putnam VT Multi-Asset Absolute Return Fund        | 811-05346         |
| Putnam Mortgage Opportunities Fund                | 811-07513         |
| Putnam PanAgora Risk Parity Fund                  | 811-07237         |
| Putnam Short-Term Municipal Income Fund           | 811-07513         |
| Putnam High Yield Fund                            | 811-04616         |
| Putnam Sustainable Leaders ETF                    | 811-23643         |
| Putnam Focused International Equity Fund          | 811-01403         |
| Putnam Sustainable Future ETF                     | 811-23643         |
| Putnam Focused Large Cap Growth ETF               | 811-23643         |
| Putnam Focused Large Cap Value ETF                | 811-23643         |
| Putnam Multi-Asset Income Fund                    | 811-07121         |
| Putnam BioRevolution ETF                          | 811-23643         |
| Putnam BDC Income ETF                             | 811-23643         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 3 - Putnam VT Income Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Putnam VT Income Fund

- **b. Series identification number, if any:** S000003876

- **c. LEI:** T240UNT2CVVGMZTWE450

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 2

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class          | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | PUTNAM VT INCOME FUND CLASS IA | C000010847                                | N/A                          |
|                           2 | PUTNAM VT INCOME FUND CLASS IB | C000010848                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 17a-6 (17 CFR 270.17a-6)

- Rule 17a-7 (17 CFR 270.17a-7)

- Rule 18f-4 (17 CFR 270.18f-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Putnam Investment Management, LLC

- **ii. SEC file number:** 801-7974

- **iii. CRD number:** 000106629

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Putnam Investments Limited

- **ii. SEC file number:** 801-61441

- **iii. CRD number:** 000122254

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vi. Foreign country, if applicable:** GB

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. SEC file number:** 84-06331

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** PRICESERVE

- **ii. LEI, if any, or provide and describe other identifying number:** 54930015EWCI4VNCZP82

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** MARKIT

- **ii. LEI, if any, or provide and describe other identifying number:** 549300HLPTRASHS0E726

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Reuters

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** JPM Pricing Direct

- **ii. LEI, if any, or provide and describe other identifying number:** 549300WIC0TOJ7N7GD54

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 5**

- **i. Full name:** Reuters (Corp)

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 6**

- **i. Full name:** ICE Data Services (Corp)

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 7**

- **i. Full name:** Markit

- **ii. LEI, if any, or provide and describe other identifying number:** 549300HLPTRASHS0E726

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 8**

- **i. Full name:** PDVENDOR

- **ii. LEI, if any, or provide and describe other identifying number:** 549300WIC0TOJ7N7GD54

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** State Street Bank and Trust Company

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

No Administrators reported.

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** CITI - CITIBANK, N.A.

- **ii. SEC file number:** 8-8177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** E57ODZWZ7FF32TWEFA76

- **v. State, if applicable:** FL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $13,571.50

**Brokers Record: 2**

- **i. Full name of broker:** JPMS - J.P. MORGAN SECURITIES, LLC.

- **ii. SEC file number:** 8-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,471.50

**Aggregate Commission:** $15,043.00

**Item C.17.a. Principal transaction counterparties.**

| Name                                         | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| JPMS - J.P. MORGAN SECURITIES, LLC.          | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $1,264,754,852.25         |
| MLCO - BofA Securities, Inc.                 | 8-7221            |    000007691 | 549300HN4UKV1E2R3U73 | NY      | US        | $1,138,998,889.74         |
| CSAG - CREDIT SUISSE AG, NEW YORK BRANCH     | 8-422             |    000000816 | ANGGYXNX0JLX3X63JN86 | NY      | US        | $512,270,473.91           |
| MSCO - MORGAN STANLEY & CO. LLC              | 8-15869           |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $512,126,870.15           |
| CGMI - CITIGROUP GLOBAL MARKETS INC.         | 8-8177            |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $470,433,118.87           |
| GSCO - GOLDMAN SACHS & CO LLC                | 8-129             |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $369,258,283.68           |
| RBCA - ROYAL BANK OF CANADA                  | 8-45411           |    000031194 | ES7IP3U3RHIGC71XBU11 |  |  | $294,177,000.00           |
| BNPP - BNP PARIBAS SECURITIES CORPORATION    | 8-32682           |    000015794 | RCNB6OTYUAMMP879YW96 | NY      | US        | $268,459,000.00           |
| BCAP - BARCLAYS CAPITAL, INC.                | 8-41342           |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $74,452,375.86            |
| NMRA - NOMURA SECURITIES INTERNATIONAL, INC. | 8-15255           |    000004297 | OXTKY6Q8X53C9ILVV871 | NY      | US        | $18,220,285.09            |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $4,991,667,254.96

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $177,911,083.61

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $100,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** State Street Bank and Trust Company

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                      | SEC File number   |
|:---|:---|
| Putnam VT Small Cap Growth Fund                   | 811-05346         |
| Putnam VT Sustainable Future Fund                 | 811-05346         |
| Putnam VT Large Cap Value Fund                    | 811-05346         |
| Putnam International Equity Fund                  | 811-06190         |
| Putnam VT Global Asset Allocation Fund            | 811-05346         |
| Putnam Tax Free High Yield Fund                   | 811-04345         |
| Putnam Dynamic Asset Allocation Growth Fund       | 811-07121         |
| Putnam Large Cap Value Fund                       | 811-02742         |
| Putnam VT Mortgage Securities Fund                | 811-05346         |
| Putnam VT International Equity Fund               | 811-05346         |
| Putnam Dynamic Asset Allocation Conservative Fund | 811-07121         |
| Putnam California Tax Exempt Income Fund          | 811-03630         |
| Putnam VT International Value Fund                | 811-05346         |
| Putnam Growth Opportunities Fund                  | 811-07237         |
| George Putnam Balanced Fund                       | 811-00058         |
| Putnam Diversified Income Trust                   | 811-05635         |
| Putnam Money Market Fund                          | 811-02608         |
| Putnam International Capital Opportunities Fund   | 811-07237         |
| Putnam VT George Putnam Balanced Fund             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund            | 811-05346         |
| Putnam Pennsylvania Tax Exempt Income Fund        | 811-05802         |
| Putnam VT Small Cap Value Fund                    | 811-05346         |
| Putnam VT Income Fund                             | 811-05346         |
| Putnam Global Income Trust                        | 811-04524         |
| Putnam Sustainable Leaders Fund                   | 811-06128         |
| Putnam Dynamic Asset Allocation Balanced Fund     | 811-07121         |
| Putnam International Value Fund                   | 811-07513         |
| Putnam Global Health Care Fund                    | 811-03386         |
| Putnam Sustainable Future Fund                    | 811-07237         |
| Putnam VT Research Fund                           | 811-05346         |
| Putnam Mortgage Securities Fund                   | 811-03897         |
| Putnam Minnesota Tax Exempt Income Fund           | 811-04527         |
| Putnam VT Diversified Income Fund                 | 811-05346         |
| Putnam VT Sustainable Leaders Fund                | 811-05346         |
| Putnam Strategic Intermediate Municipal Fund      | 811-04345         |
| Putnam Small Cap Value Fund                       | 811-07237         |
| Putnam Massachusetts Tax Exempt Income Fund       | 811-04518         |
| Putnam VT Government Money Market Fund            | 811-05346         |
| Putnam Research Fund                              | 811-07237         |
| Putnam New Jersey Tax Exempt Income Fund          | 811-05977         |
| Putnam VT Global Health Care Fund                 | 811-05346         |
| Putnam VT Focused International Equity Fund       | 811-05346         |
| Putnam Small Cap Growth Fund                      | 811-07513         |
| Putnam VT Growth Opportunities Fund               | 811-05346         |
| Putnam New York Tax Exempt Income Fund            | 811-03741         |
| Putnam VT High Yield Fund                         | 811-05346         |
| Putnam Tax Exempt Income Fund                     | 811-02675         |
| Putnam Convertible Securities Fund                | 811-02280         |
| Putnam Ohio Tax Exempt Income Fund                | 811-04528         |
| Putnam VT Multi-Cap Core Fund                     | 811-05346         |
| Putnam Income Fund                                | 811-00653         |
| Putnam Floating Rate Income Fund                  | 811-07513         |
| Putnam Short Duration Bond Fund                   | 811-07513         |
| Putnam Global Technology Fund                     | 811-07513         |
| Putnam Emerging Markets Equity Fund               | 811-07513         |
| Putnam Fixed Income Absolute Return Fund          | 811-07513         |
| Putnam Multi-Asset Absolute Return Fund           | 811-07513         |
| Putnam Dynamic Asset Allocation Equity Fund       | 811-07513         |
| Putnam Dynamic Risk Allocation Fund               | 811-07513         |
| Putnam Focused Equity Fund                        | 811-07513         |
| Putnam Core Equity Fund                           | 811-07513         |
| Putnam Ultra Short Duration Income Fund           | 811-07513         |
| Putnam Intermediate-Term Municipal Income Fund    | 811-07513         |
| Putnam Government Money Market Fund               | 811-07237         |
| Putnam VT Multi-Asset Absolute Return Fund        | 811-05346         |
| Putnam Mortgage Opportunities Fund                | 811-07513         |
| Putnam PanAgora Risk Parity Fund                  | 811-07237         |
| Putnam Short-Term Municipal Income Fund           | 811-07513         |
| Putnam High Yield Fund                            | 811-04616         |
| Putnam Sustainable Leaders ETF                    | 811-23643         |
| Putnam Focused International Equity Fund          | 811-01403         |
| Putnam Sustainable Future ETF                     | 811-23643         |
| Putnam Focused Large Cap Growth ETF               | 811-23643         |
| Putnam Focused Large Cap Value ETF                | 811-23643         |
| Putnam Multi-Asset Income Fund                    | 811-07121         |
| Putnam BioRevolution ETF                          | 811-23643         |
| Putnam BDC Income ETF                             | 811-23643         |

- **v. Did the Fund draw on the line of credit this period?** No

**Line of Credit details Record: 2**

- **i. Is the line of credit a committed or uncommitted line of credit?** Uncommitted

- **ii. What size is the line of credit?** $235,500,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** State Street Bank and Trust Company

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                      | SEC File number   |
|:---|:---|
| Putnam VT Small Cap Growth Fund                   | 811-05346         |
| Putnam VT Sustainable Future Fund                 | 811-05346         |
| Putnam VT Large Cap Value Fund                    | 811-05346         |
| Putnam International Equity Fund                  | 811-06190         |
| Putnam VT Global Asset Allocation Fund            | 811-05346         |
| Putnam Tax Free High Yield Fund                   | 811-04345         |
| Putnam Dynamic Asset Allocation Growth Fund       | 811-07121         |
| Putnam Large Cap Value Fund                       | 811-02742         |
| Putnam VT Mortgage Securities Fund                | 811-05346         |
| Putnam VT International Equity Fund               | 811-05346         |
| Putnam Dynamic Asset Allocation Conservative Fund | 811-07121         |
| Putnam California Tax Exempt Income Fund          | 811-03630         |
| Putnam VT International Value Fund                | 811-05346         |
| Putnam Growth Opportunities Fund                  | 811-07237         |
| George Putnam Balanced Fund                       | 811-00058         |
| Putnam Diversified Income Trust                   | 811-05635         |
| Putnam Money Market Fund                          | 811-02608         |
| Putnam International Capital Opportunities Fund   | 811-07237         |
| Putnam VT George Putnam Balanced Fund             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund            | 811-05346         |
| Putnam Pennsylvania Tax Exempt Income Fund        | 811-05802         |
| Putnam VT Small Cap Value Fund                    | 811-05346         |
| Putnam VT Income Fund                             | 811-05346         |
| Putnam Global Income Trust                        | 811-04524         |
| Putnam Sustainable Leaders Fund                   | 811-06128         |
| Putnam Dynamic Asset Allocation Balanced Fund     | 811-07121         |
| Putnam International Value Fund                   | 811-07513         |
| Putnam Global Health Care Fund                    | 811-03386         |
| Putnam Sustainable Future Fund                    | 811-07237         |
| Putnam VT Research Fund                           | 811-05346         |
| Putnam Mortgage Securities Fund                   | 811-03897         |
| Putnam Minnesota Tax Exempt Income Fund           | 811-04527         |
| Putnam VT Diversified Income Fund                 | 811-05346         |
| Putnam VT Sustainable Leaders Fund                | 811-05346         |
| Putnam Strategic Intermediate Municipal Fund      | 811-04345         |
| Putnam Small Cap Value Fund                       | 811-07237         |
| Putnam Massachusetts Tax Exempt Income Fund       | 811-04518         |
| Putnam VT Government Money Market Fund            | 811-05346         |
| Putnam Research Fund                              | 811-07237         |
| Putnam New Jersey Tax Exempt Income Fund          | 811-05977         |
| Putnam VT Global Health Care Fund                 | 811-05346         |
| Putnam VT Focused International Equity Fund       | 811-05346         |
| Putnam Small Cap Growth Fund                      | 811-07513         |
| Putnam VT Growth Opportunities Fund               | 811-05346         |
| Putnam New York Tax Exempt Income Fund            | 811-03741         |
| Putnam VT High Yield Fund                         | 811-05346         |
| Putnam Tax Exempt Income Fund                     | 811-02675         |
| Putnam Convertible Securities Fund                | 811-02280         |
| Putnam Ohio Tax Exempt Income Fund                | 811-04528         |
| Putnam VT Multi-Cap Core Fund                     | 811-05346         |
| Putnam Income Fund                                | 811-00653         |
| Putnam Floating Rate Income Fund                  | 811-07513         |
| Putnam Short Duration Bond Fund                   | 811-07513         |
| Putnam Global Technology Fund                     | 811-07513         |
| Putnam Emerging Markets Equity Fund               | 811-07513         |
| Putnam Fixed Income Absolute Return Fund          | 811-07513         |
| Putnam Multi-Asset Absolute Return Fund           | 811-07513         |
| Putnam Dynamic Asset Allocation Equity Fund       | 811-07513         |
| Putnam Dynamic Risk Allocation Fund               | 811-07513         |
| Putnam Focused Equity Fund                        | 811-07513         |
| Putnam Core Equity Fund                           | 811-07513         |
| Putnam Ultra Short Duration Income Fund           | 811-07513         |
| Putnam Intermediate-Term Municipal Income Fund    | 811-07513         |
| Putnam Government Money Market Fund               | 811-07237         |
| Putnam VT Multi-Asset Absolute Return Fund        | 811-05346         |
| Putnam Mortgage Opportunities Fund                | 811-07513         |
| Putnam PanAgora Risk Parity Fund                  | 811-07237         |
| Putnam Short-Term Municipal Income Fund           | 811-07513         |
| Putnam High Yield Fund                            | 811-04616         |
| Putnam Sustainable Leaders ETF                    | 811-23643         |
| Putnam Focused International Equity Fund          | 811-01403         |
| Putnam Sustainable Future ETF                     | 811-23643         |
| Putnam Focused Large Cap Growth ETF               | 811-23643         |
| Putnam Focused Large Cap Value ETF                | 811-23643         |
| Putnam Multi-Asset Income Fund                    | 811-07121         |
| Putnam BioRevolution ETF                          | 811-23643         |
| Putnam BDC Income ETF                             | 811-23643         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 4 - Putnam VT Government Money Market Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Putnam VT Government Money Market Fund

- **b. Series identification number, if any:** S000003882

- **c. LEI:** 549300EZL9T7TW0BA857

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 2

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                      | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | PUTNAM VT GOVERNMENT MONEY MARKET CLASS IA | C000010859                                | N/A                          |
|                           2 | PUTNAM VT GOVERNMENT MONEY MARKET CLASS IB | C000010860                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 17a-6 (17 CFR 270.17a-6)

- Rule 17a-7 (17 CFR 270.17a-7)

- Rule 18f-4(d)(ii) (17 CFR 270.18f-4(d)(ii))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Putnam Investment Management, LLC

- **ii. SEC file number:** 801-7974

- **iii. CRD number:** 000106629

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Putnam Investments Limited

- **ii. SEC file number:** 801-61441

- **iii. CRD number:** 000122254

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vi. Foreign country, if applicable:** GB

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. SEC file number:** 84-06331

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Services (Corp)

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** State Street Bank and Trust Company

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

No Administrators reported.

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

No Brokers reported.

**Item C.17.a. Principal transaction counterparties.**

| Name                                         | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| CGMI - CITIGROUP GLOBAL MARKETS INC.         | 8-8177            |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $5,099,840,000.00         |
| MLCO - BofA Securities, Inc.                 | 8-7221            |    000007691 | 549300HN4UKV1E2R3U73 | NY      | US        | $5,055,197,009.27         |
| RBCA - ROYAL BANK OF CANADA                  | 8-45411           |    000031194 | ES7IP3U3RHIGC71XBU11 |  |  | $2,315,014,000.00         |
| BNPP - BNP PARIBAS SECURITIES CORPORATION    | 8-32682           |    000015794 | RCNB6OTYUAMMP879YW96 | NY      | US        | $1,460,512,000.00         |
| GSCO - GOLDMAN SACHS & CO LLC                | 8-129             |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $1,218,582,000.00         |
| HSBCP - HSBC BANK PLC                        | 8-41562           |    000019585 | MP6I5ZYZBEU3UXPYFY54 |  |  | $144,900,000.00           |
| BCAP - BARCLAYS CAPITAL, INC.                | 8-41342           |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $21,400,000.00            |
| NMRA - NOMURA SECURITIES INTERNATIONAL, INC. | 8-15255           |    000004297 | OXTKY6Q8X53C9ILVV871 | NY      | US        | $4,310,237.12             |
| JPMS - J.P. MORGAN SECURITIES, LLC.          | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $3,741,119.74             |
| MZHO - MIZUHO SECURITIES USA INC.            | 8-37710           |    000019647 | 7TK5RJIZDFROZCA6XF66 | NY      | US        | $1,133,415.78             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $15,328,564,802.69

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $0.00

- **Item C.19.b - Money market fund's daily average net assets:** $74,900,648.28

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $100,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** State Street Bank and Trust Company

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                      | SEC File number   |
|:---|:---|
| Putnam VT Small Cap Growth Fund                   | 811-05346         |
| Putnam VT Sustainable Future Fund                 | 811-05346         |
| Putnam VT Large Cap Value Fund                    | 811-05346         |
| Putnam International Equity Fund                  | 811-06190         |
| Putnam VT Global Asset Allocation Fund            | 811-05346         |
| Putnam Tax Free High Yield Fund                   | 811-04345         |
| Putnam Dynamic Asset Allocation Growth Fund       | 811-07121         |
| Putnam Large Cap Value Fund                       | 811-02742         |
| Putnam VT Mortgage Securities Fund                | 811-05346         |
| Putnam VT International Equity Fund               | 811-05346         |
| Putnam Dynamic Asset Allocation Conservative Fund | 811-07121         |
| Putnam California Tax Exempt Income Fund          | 811-03630         |
| Putnam VT International Value Fund                | 811-05346         |
| Putnam Growth Opportunities Fund                  | 811-07237         |
| George Putnam Balanced Fund                       | 811-00058         |
| Putnam Diversified Income Trust                   | 811-05635         |
| Putnam Money Market Fund                          | 811-02608         |
| Putnam International Capital Opportunities Fund   | 811-07237         |
| Putnam VT George Putnam Balanced Fund             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund            | 811-05346         |
| Putnam Pennsylvania Tax Exempt Income Fund        | 811-05802         |
| Putnam VT Small Cap Value Fund                    | 811-05346         |
| Putnam VT Income Fund                             | 811-05346         |
| Putnam Global Income Trust                        | 811-04524         |
| Putnam Sustainable Leaders Fund                   | 811-06128         |
| Putnam Dynamic Asset Allocation Balanced Fund     | 811-07121         |
| Putnam International Value Fund                   | 811-07513         |
| Putnam Global Health Care Fund                    | 811-03386         |
| Putnam Sustainable Future Fund                    | 811-07237         |
| Putnam VT Research Fund                           | 811-05346         |
| Putnam Mortgage Securities Fund                   | 811-03897         |
| Putnam Minnesota Tax Exempt Income Fund           | 811-04527         |
| Putnam VT Diversified Income Fund                 | 811-05346         |
| Putnam VT Sustainable Leaders Fund                | 811-05346         |
| Putnam Strategic Intermediate Municipal Fund      | 811-04345         |
| Putnam Small Cap Value Fund                       | 811-07237         |
| Putnam Massachusetts Tax Exempt Income Fund       | 811-04518         |
| Putnam VT Government Money Market Fund            | 811-05346         |
| Putnam Research Fund                              | 811-07237         |
| Putnam New Jersey Tax Exempt Income Fund          | 811-05977         |
| Putnam VT Global Health Care Fund                 | 811-05346         |
| Putnam VT Focused International Equity Fund       | 811-05346         |
| Putnam Small Cap Growth Fund                      | 811-07513         |
| Putnam VT Growth Opportunities Fund               | 811-05346         |
| Putnam New York Tax Exempt Income Fund            | 811-03741         |
| Putnam VT High Yield Fund                         | 811-05346         |
| Putnam Tax Exempt Income Fund                     | 811-02675         |
| Putnam Convertible Securities Fund                | 811-02280         |
| Putnam Ohio Tax Exempt Income Fund                | 811-04528         |
| Putnam VT Multi-Cap Core Fund                     | 811-05346         |
| Putnam Income Fund                                | 811-00653         |
| Putnam Floating Rate Income Fund                  | 811-07513         |
| Putnam Short Duration Bond Fund                   | 811-07513         |
| Putnam Global Technology Fund                     | 811-07513         |
| Putnam Emerging Markets Equity Fund               | 811-07513         |
| Putnam Fixed Income Absolute Return Fund          | 811-07513         |
| Putnam Multi-Asset Absolute Return Fund           | 811-07513         |
| Putnam Dynamic Asset Allocation Equity Fund       | 811-07513         |
| Putnam Dynamic Risk Allocation Fund               | 811-07513         |
| Putnam Focused Equity Fund                        | 811-07513         |
| Putnam Core Equity Fund                           | 811-07513         |
| Putnam Ultra Short Duration Income Fund           | 811-07513         |
| Putnam Intermediate-Term Municipal Income Fund    | 811-07513         |
| Putnam Government Money Market Fund               | 811-07237         |
| Putnam VT Multi-Asset Absolute Return Fund        | 811-05346         |
| Putnam Mortgage Opportunities Fund                | 811-07513         |
| Putnam PanAgora Risk Parity Fund                  | 811-07237         |
| Putnam Short-Term Municipal Income Fund           | 811-07513         |
| Putnam High Yield Fund                            | 811-04616         |
| Putnam Sustainable Leaders ETF                    | 811-23643         |
| Putnam Focused International Equity Fund          | 811-01403         |
| Putnam Sustainable Future ETF                     | 811-23643         |
| Putnam Focused Large Cap Growth ETF               | 811-23643         |
| Putnam Focused Large Cap Value ETF                | 811-23643         |
| Putnam Multi-Asset Income Fund                    | 811-07121         |
| Putnam BioRevolution ETF                          | 811-23643         |
| Putnam BDC Income ETF                             | 811-23643         |

- **v. Did the Fund draw on the line of credit this period?** No

**Line of Credit details Record: 2**

- **i. Is the line of credit a committed or uncommitted line of credit?** Uncommitted

- **ii. What size is the line of credit?** $235,500,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** State Street Bank and Trust Company

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                      | SEC File number   |
|:---|:---|
| Putnam VT Small Cap Growth Fund                   | 811-05346         |
| Putnam VT Sustainable Future Fund                 | 811-05346         |
| Putnam VT Large Cap Value Fund                    | 811-05346         |
| Putnam International Equity Fund                  | 811-06190         |
| Putnam VT Global Asset Allocation Fund            | 811-05346         |
| Putnam Tax Free High Yield Fund                   | 811-04345         |
| Putnam Dynamic Asset Allocation Growth Fund       | 811-07121         |
| Putnam Large Cap Value Fund                       | 811-02742         |
| Putnam VT Mortgage Securities Fund                | 811-05346         |
| Putnam VT International Equity Fund               | 811-05346         |
| Putnam Dynamic Asset Allocation Conservative Fund | 811-07121         |
| Putnam California Tax Exempt Income Fund          | 811-03630         |
| Putnam VT International Value Fund                | 811-05346         |
| Putnam Growth Opportunities Fund                  | 811-07237         |
| George Putnam Balanced Fund                       | 811-00058         |
| Putnam Diversified Income Trust                   | 811-05635         |
| Putnam Money Market Fund                          | 811-02608         |
| Putnam International Capital Opportunities Fund   | 811-07237         |
| Putnam VT George Putnam Balanced Fund             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund            | 811-05346         |
| Putnam Pennsylvania Tax Exempt Income Fund        | 811-05802         |
| Putnam VT Small Cap Value Fund                    | 811-05346         |
| Putnam VT Income Fund                             | 811-05346         |
| Putnam Global Income Trust                        | 811-04524         |
| Putnam Sustainable Leaders Fund                   | 811-06128         |
| Putnam Dynamic Asset Allocation Balanced Fund     | 811-07121         |
| Putnam International Value Fund                   | 811-07513         |
| Putnam Global Health Care Fund                    | 811-03386         |
| Putnam Sustainable Future Fund                    | 811-07237         |
| Putnam VT Research Fund                           | 811-05346         |
| Putnam Mortgage Securities Fund                   | 811-03897         |
| Putnam Minnesota Tax Exempt Income Fund           | 811-04527         |
| Putnam VT Diversified Income Fund                 | 811-05346         |
| Putnam VT Sustainable Leaders Fund                | 811-05346         |
| Putnam Strategic Intermediate Municipal Fund      | 811-04345         |
| Putnam Small Cap Value Fund                       | 811-07237         |
| Putnam Massachusetts Tax Exempt Income Fund       | 811-04518         |
| Putnam VT Government Money Market Fund            | 811-05346         |
| Putnam Research Fund                              | 811-07237         |
| Putnam New Jersey Tax Exempt Income Fund          | 811-05977         |
| Putnam VT Global Health Care Fund                 | 811-05346         |
| Putnam VT Focused International Equity Fund       | 811-05346         |
| Putnam Small Cap Growth Fund                      | 811-07513         |
| Putnam VT Growth Opportunities Fund               | 811-05346         |
| Putnam New York Tax Exempt Income Fund            | 811-03741         |
| Putnam VT High Yield Fund                         | 811-05346         |
| Putnam Tax Exempt Income Fund                     | 811-02675         |
| Putnam Convertible Securities Fund                | 811-02280         |
| Putnam Ohio Tax Exempt Income Fund                | 811-04528         |
| Putnam VT Multi-Cap Core Fund                     | 811-05346         |
| Putnam Income Fund                                | 811-00653         |
| Putnam Floating Rate Income Fund                  | 811-07513         |
| Putnam Short Duration Bond Fund                   | 811-07513         |
| Putnam Global Technology Fund                     | 811-07513         |
| Putnam Emerging Markets Equity Fund               | 811-07513         |
| Putnam Fixed Income Absolute Return Fund          | 811-07513         |
| Putnam Multi-Asset Absolute Return Fund           | 811-07513         |
| Putnam Dynamic Asset Allocation Equity Fund       | 811-07513         |
| Putnam Dynamic Risk Allocation Fund               | 811-07513         |
| Putnam Focused Equity Fund                        | 811-07513         |
| Putnam Core Equity Fund                           | 811-07513         |
| Putnam Ultra Short Duration Income Fund           | 811-07513         |
| Putnam Intermediate-Term Municipal Income Fund    | 811-07513         |
| Putnam Government Money Market Fund               | 811-07237         |
| Putnam VT Multi-Asset Absolute Return Fund        | 811-05346         |
| Putnam Mortgage Opportunities Fund                | 811-07513         |
| Putnam PanAgora Risk Parity Fund                  | 811-07237         |
| Putnam Short-Term Municipal Income Fund           | 811-07513         |
| Putnam High Yield Fund                            | 811-04616         |
| Putnam Sustainable Leaders ETF                    | 811-23643         |
| Putnam Focused International Equity Fund          | 811-01403         |
| Putnam Sustainable Future ETF                     | 811-23643         |
| Putnam Focused Large Cap Growth ETF               | 811-23643         |
| Putnam Focused Large Cap Value ETF                | 811-23643         |
| Putnam Multi-Asset Income Fund                    | 811-07121         |
| Putnam BioRevolution ETF                          | 811-23643         |
| Putnam BDC Income ETF                             | 811-23643         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 5 - Putnam VT Global Asset Allocation Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Putnam VT Global Asset Allocation Fund

- **b. Series identification number, if any:** S000003896

- **c. LEI:** 52S5T0ZLZ612Q4T28G76

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 2

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class           | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | PUTNAM VT GLO ASSET ALLOC CL IB | C000010888                                | N/A                          |
|                           2 | PUTNAM VT GLO ASSET ALLOC CL IA | C000010887                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** Goldman Sachs Bank USA

- **ii. LEI, if any:** KD3XUN7C6T14HNAYLU02

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** The Putnam Advisory Company LLC

- **ii. LEI, if any:** 88LQ6PPLZCCSTCFX1D09

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** No

- **iv. Is the cash collateral manager an affiliated person of the Fund?** Yes

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [ ] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $94,130.00

- **g. Provide the net income from securities lending activities:** $984.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 17a-6 (17 CFR 270.17a-6)

- Rule 17a-7 (17 CFR 270.17a-7)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(d)(ii) (17 CFR 270.18f-4(d)(ii))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Putnam Investment Management, LLC

- **ii. SEC file number:** 801-7974

- **iii. CRD number:** 000106629

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Putnam Investments Limited

- **ii. SEC file number:** 801-61441

- **iii. CRD number:** 000122254

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vi. Foreign country, if applicable:** GB

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Sub-adviser Record: 2**

- **i. Full name:** The Putnam Advisory Company, LLC

- **ii. SEC file number:** 801-5097

- **iii. CRD number:** 000106631

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. SEC file number:** 84-06331

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** MARKIT

- **ii. LEI, if any, or provide and describe other identifying number:** 549300HLPTRASHS0E726

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** ICE Data Services (Corp)

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** JPM Pricing Direct

- **ii. LEI, if any, or provide and describe other identifying number:** 549300WIC0TOJ7N7GD54

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** PRICESERVE

- **ii. LEI, if any, or provide and describe other identifying number:** 54930015EWCI4VNCZP82

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 5**

- **i. Full name:** Reuters

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 6**

- **i. Full name:** PDVENDOR

- **ii. LEI, if any, or provide and describe other identifying number:** 549300WIC0TOJ7N7GD54

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 7**

- **i. Full name:** Reuters (equities)

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 8**

- **i. Full name:** Reuters (loan)

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 9**

- **i. Full name:** Reuters (Corp)

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 10**

- **i. Full name:** ICE Data Services (Convert)

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** State Street Bank and Trust Company

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

No Administrators reported.

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** MLCO - BofA Securities, Inc.

- **ii. SEC file number:** 8-7221

- **iii. CRD number:** 000007691

- **iv. LEI, if any:** 549300HN4UKV1E2R3U73

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $21,312.17

**Brokers Record: 2**

- **i. Full name of broker:** GSCO - GOLDMAN SACHS & CO LLC

- **ii. SEC file number:** 8-129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $7,842.99

**Brokers Record: 3**

- **i. Full name of broker:** UBSW - UBS SECURITIES L.L.C.

- **ii. SEC file number:** 8-22651

- **iii. CRD number:** 000007654

- **iv. LEI, if any:** T6FIZBDPKLYJKFCRVK44

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,157.78

**Brokers Record: 4**

- **i. Full name of broker:** CITI - CITIBANK, N.A.

- **ii. SEC file number:** 8-8177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** E57ODZWZ7FF32TWEFA76

- **v. State, if applicable:** FL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,302.75

**Brokers Record: 5**

- **i. Full name of broker:** BCAP - BARCLAYS CAPITAL, INC.

- **ii. SEC file number:** 8-41342

- **iii. CRD number:** 000019714

- **iv. LEI, if any:** AC28XWWI3WIBK2824319

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,552.76

**Brokers Record: 6**

- **i. Full name of broker:** JPMS - J.P. MORGAN SECURITIES, LLC.

- **ii. SEC file number:** 8-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $669.58

**Brokers Record: 7**

- **i. Full name of broker:** CITG - CITIGROUP GLOBAL MARKETS, INC./SALOMON BROTHERS

- **ii. SEC file number:** 8-8177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** MBNUM2BPBDO7JBLYG310

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $501.35

**Brokers Record: 8**

- **i. Full name of broker:** CGML - CITIGROUP GLOBAL MARKETS INC

- **ii. SEC file number:** 8-8177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** 6SHGI4ZSSLCXXQSBB395

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $402.19

**Brokers Record: 9**

- **i. Full name of broker:** CSI - CREDIT SUISSE INTERNATIONAL

- **ii. SEC file number:** 8-422

- **iii. CRD number:** 000000816

- **iv. LEI, if any:** E58DKGMJYYYJLN8C3868

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $286.84

**Brokers Record: 10**

- **i. Full name of broker:** CSFB - CREDIT SUISSE SECURITIES (USA), LLC

- **ii. SEC file number:** 8-422

- **iii. CRD number:** 000000816

- **iv. LEI, if any:** 1V8Y6QCX6YMJ2OELII46

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $160.68

**Aggregate Commission:** $38,201.89

**Item C.17.a. Principal transaction counterparties.**

| Name                                     | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| MLCO - BofA Securities, Inc.             | 8-7221            |    000007691 | 549300HN4UKV1E2R3U73 | NY      | US        | $352,780,311.43           |
| JPMS - J.P. MORGAN SECURITIES, LLC.      | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $201,829,435.50           |
| MSCO - MORGAN STANLEY & CO. LLC          | 8-15869           |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $78,020,067.32            |
| CSAG - CREDIT SUISSE AG, NEW YORK BRANCH | 8-422             |    000000816 | ANGGYXNX0JLX3X63JN86 | NY      | US        | $70,340,488.28            |
| CGMI - CITIGROUP GLOBAL MARKETS INC.     | 8-8177            |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $44,842,351.39            |
| GSCO - GOLDMAN SACHS & CO LLC            | 8-129             |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $32,657,012.59            |
| BCAP - BARCLAYS CAPITAL, INC.            | 8-41342           |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $13,635,899.12            |
| RBCA - ROYAL BANK OF CANADA              | 8-45411           |    000031194 | ES7IP3U3RHIGC71XBU11 |  |  | $4,417,000.00             |
| BMOC - BMO CAPITAL MARKETS CORP.         | 8-34344           |    000016686 | RUC0QBLBRPRCU4W1NE59 | NY      | US        | $3,765,586.47             |
| WCHV - WELLS FARGO SECURITIES, LLC       | 8-65876           |    000126292 | VYVVCKR63DVZZN70PB21 | NC      | US        | $1,935,141.75             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $810,687,233.18

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $108,836,343.45

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $100,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** State Street Bank and Trust Company

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                      | SEC File number   |
|:---|:---|
| Putnam VT Small Cap Growth Fund                   | 811-05346         |
| Putnam VT Sustainable Future Fund                 | 811-05346         |
| Putnam VT Large Cap Value Fund                    | 811-05346         |
| Putnam International Equity Fund                  | 811-06190         |
| Putnam VT Global Asset Allocation Fund            | 811-05346         |
| Putnam Tax Free High Yield Fund                   | 811-04345         |
| Putnam Dynamic Asset Allocation Growth Fund       | 811-07121         |
| Putnam Large Cap Value Fund                       | 811-02742         |
| Putnam VT Mortgage Securities Fund                | 811-05346         |
| Putnam VT International Equity Fund               | 811-05346         |
| Putnam Dynamic Asset Allocation Conservative Fund | 811-07121         |
| Putnam California Tax Exempt Income Fund          | 811-03630         |
| Putnam VT International Value Fund                | 811-05346         |
| Putnam Growth Opportunities Fund                  | 811-07237         |
| George Putnam Balanced Fund                       | 811-00058         |
| Putnam Diversified Income Trust                   | 811-05635         |
| Putnam Money Market Fund                          | 811-02608         |
| Putnam International Capital Opportunities Fund   | 811-07237         |
| Putnam VT George Putnam Balanced Fund             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund            | 811-05346         |
| Putnam Pennsylvania Tax Exempt Income Fund        | 811-05802         |
| Putnam VT Small Cap Value Fund                    | 811-05346         |
| Putnam VT Income Fund                             | 811-05346         |
| Putnam Global Income Trust                        | 811-04524         |
| Putnam Sustainable Leaders Fund                   | 811-06128         |
| Putnam Dynamic Asset Allocation Balanced Fund     | 811-07121         |
| Putnam International Value Fund                   | 811-07513         |
| Putnam Global Health Care Fund                    | 811-03386         |
| Putnam Sustainable Future Fund                    | 811-07237         |
| Putnam VT Research Fund                           | 811-05346         |
| Putnam Mortgage Securities Fund                   | 811-03897         |
| Putnam Minnesota Tax Exempt Income Fund           | 811-04527         |
| Putnam VT Diversified Income Fund                 | 811-05346         |
| Putnam VT Sustainable Leaders Fund                | 811-05346         |
| Putnam Strategic Intermediate Municipal Fund      | 811-04345         |
| Putnam Small Cap Value Fund                       | 811-07237         |
| Putnam Massachusetts Tax Exempt Income Fund       | 811-04518         |
| Putnam VT Government Money Market Fund            | 811-05346         |
| Putnam Research Fund                              | 811-07237         |
| Putnam New Jersey Tax Exempt Income Fund          | 811-05977         |
| Putnam VT Global Health Care Fund                 | 811-05346         |
| Putnam VT Focused International Equity Fund       | 811-05346         |
| Putnam Small Cap Growth Fund                      | 811-07513         |
| Putnam VT Growth Opportunities Fund               | 811-05346         |
| Putnam New York Tax Exempt Income Fund            | 811-03741         |
| Putnam VT High Yield Fund                         | 811-05346         |
| Putnam Tax Exempt Income Fund                     | 811-02675         |
| Putnam Convertible Securities Fund                | 811-02280         |
| Putnam Ohio Tax Exempt Income Fund                | 811-04528         |
| Putnam VT Multi-Cap Core Fund                     | 811-05346         |
| Putnam Income Fund                                | 811-00653         |
| Putnam Floating Rate Income Fund                  | 811-07513         |
| Putnam Short Duration Bond Fund                   | 811-07513         |
| Putnam Global Technology Fund                     | 811-07513         |
| Putnam Emerging Markets Equity Fund               | 811-07513         |
| Putnam Fixed Income Absolute Return Fund          | 811-07513         |
| Putnam Multi-Asset Absolute Return Fund           | 811-07513         |
| Putnam Dynamic Asset Allocation Equity Fund       | 811-07513         |
| Putnam Dynamic Risk Allocation Fund               | 811-07513         |
| Putnam Focused Equity Fund                        | 811-07513         |
| Putnam Core Equity Fund                           | 811-07513         |
| Putnam Ultra Short Duration Income Fund           | 811-07513         |
| Putnam Intermediate-Term Municipal Income Fund    | 811-07513         |
| Putnam Government Money Market Fund               | 811-07237         |
| Putnam VT Multi-Asset Absolute Return Fund        | 811-05346         |
| Putnam Mortgage Opportunities Fund                | 811-07513         |
| Putnam PanAgora Risk Parity Fund                  | 811-07237         |
| Putnam Short-Term Municipal Income Fund           | 811-07513         |
| Putnam High Yield Fund                            | 811-04616         |
| Putnam Sustainable Leaders ETF                    | 811-23643         |
| Putnam Focused International Equity Fund          | 811-01403         |
| Putnam Sustainable Future ETF                     | 811-23643         |
| Putnam Focused Large Cap Growth ETF               | 811-23643         |
| Putnam Focused Large Cap Value ETF                | 811-23643         |
| Putnam Multi-Asset Income Fund                    | 811-07121         |
| Putnam BioRevolution ETF                          | 811-23643         |
| Putnam BDC Income ETF                             | 811-23643         |

- **v. Did the Fund draw on the line of credit this period?** No

**Line of Credit details Record: 2**

- **i. Is the line of credit a committed or uncommitted line of credit?** Uncommitted

- **ii. What size is the line of credit?** $235,500,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** State Street Bank and Trust Company

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                      | SEC File number   |
|:---|:---|
| Putnam VT Small Cap Growth Fund                   | 811-05346         |
| Putnam VT Sustainable Future Fund                 | 811-05346         |
| Putnam VT Large Cap Value Fund                    | 811-05346         |
| Putnam International Equity Fund                  | 811-06190         |
| Putnam VT Global Asset Allocation Fund            | 811-05346         |
| Putnam Tax Free High Yield Fund                   | 811-04345         |
| Putnam Dynamic Asset Allocation Growth Fund       | 811-07121         |
| Putnam Large Cap Value Fund                       | 811-02742         |
| Putnam VT Mortgage Securities Fund                | 811-05346         |
| Putnam VT International Equity Fund               | 811-05346         |
| Putnam Dynamic Asset Allocation Conservative Fund | 811-07121         |
| Putnam California Tax Exempt Income Fund          | 811-03630         |
| Putnam VT International Value Fund                | 811-05346         |
| Putnam Growth Opportunities Fund                  | 811-07237         |
| George Putnam Balanced Fund                       | 811-00058         |
| Putnam Diversified Income Trust                   | 811-05635         |
| Putnam Money Market Fund                          | 811-02608         |
| Putnam International Capital Opportunities Fund   | 811-07237         |
| Putnam VT George Putnam Balanced Fund             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund            | 811-05346         |
| Putnam Pennsylvania Tax Exempt Income Fund        | 811-05802         |
| Putnam VT Small Cap Value Fund                    | 811-05346         |
| Putnam VT Income Fund                             | 811-05346         |
| Putnam Global Income Trust                        | 811-04524         |
| Putnam Sustainable Leaders Fund                   | 811-06128         |
| Putnam Dynamic Asset Allocation Balanced Fund     | 811-07121         |
| Putnam International Value Fund                   | 811-07513         |
| Putnam Global Health Care Fund                    | 811-03386         |
| Putnam Sustainable Future Fund                    | 811-07237         |
| Putnam VT Research Fund                           | 811-05346         |
| Putnam Mortgage Securities Fund                   | 811-03897         |
| Putnam Minnesota Tax Exempt Income Fund           | 811-04527         |
| Putnam VT Diversified Income Fund                 | 811-05346         |
| Putnam VT Sustainable Leaders Fund                | 811-05346         |
| Putnam Strategic Intermediate Municipal Fund      | 811-04345         |
| Putnam Small Cap Value Fund                       | 811-07237         |
| Putnam Massachusetts Tax Exempt Income Fund       | 811-04518         |
| Putnam VT Government Money Market Fund            | 811-05346         |
| Putnam Research Fund                              | 811-07237         |
| Putnam New Jersey Tax Exempt Income Fund          | 811-05977         |
| Putnam VT Global Health Care Fund                 | 811-05346         |
| Putnam VT Focused International Equity Fund       | 811-05346         |
| Putnam Small Cap Growth Fund                      | 811-07513         |
| Putnam VT Growth Opportunities Fund               | 811-05346         |
| Putnam New York Tax Exempt Income Fund            | 811-03741         |
| Putnam VT High Yield Fund                         | 811-05346         |
| Putnam Tax Exempt Income Fund                     | 811-02675         |
| Putnam Convertible Securities Fund                | 811-02280         |
| Putnam Ohio Tax Exempt Income Fund                | 811-04528         |
| Putnam VT Multi-Cap Core Fund                     | 811-05346         |
| Putnam Income Fund                                | 811-00653         |
| Putnam Floating Rate Income Fund                  | 811-07513         |
| Putnam Short Duration Bond Fund                   | 811-07513         |
| Putnam Global Technology Fund                     | 811-07513         |
| Putnam Emerging Markets Equity Fund               | 811-07513         |
| Putnam Fixed Income Absolute Return Fund          | 811-07513         |
| Putnam Multi-Asset Absolute Return Fund           | 811-07513         |
| Putnam Dynamic Asset Allocation Equity Fund       | 811-07513         |
| Putnam Dynamic Risk Allocation Fund               | 811-07513         |
| Putnam Focused Equity Fund                        | 811-07513         |
| Putnam Core Equity Fund                           | 811-07513         |
| Putnam Ultra Short Duration Income Fund           | 811-07513         |
| Putnam Intermediate-Term Municipal Income Fund    | 811-07513         |
| Putnam Government Money Market Fund               | 811-07237         |
| Putnam VT Multi-Asset Absolute Return Fund        | 811-05346         |
| Putnam Mortgage Opportunities Fund                | 811-07513         |
| Putnam PanAgora Risk Parity Fund                  | 811-07237         |
| Putnam Short-Term Municipal Income Fund           | 811-07513         |
| Putnam High Yield Fund                            | 811-04616         |
| Putnam Sustainable Leaders ETF                    | 811-23643         |
| Putnam Focused International Equity Fund          | 811-01403         |
| Putnam Sustainable Future ETF                     | 811-23643         |
| Putnam Focused Large Cap Growth ETF               | 811-23643         |
| Putnam Focused Large Cap Value ETF                | 811-23643         |
| Putnam Multi-Asset Income Fund                    | 811-07121         |
| Putnam BioRevolution ETF                          | 811-23643         |
| Putnam BDC Income ETF                             | 811-23643         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 6 - Putnam VT Sustainable Leaders Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Putnam VT Sustainable Leaders Fund

- **b. Series identification number, if any:** S000003884

- **c. LEI:** B8ZS316QP9AOFBYPRB36

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 2

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                       | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | PUTNAM VT SUSTAINABLE LEADERS FUND CLASS IA | C000010863                                | N/A                          |
|                           2 | PUTNAM VT SUSTAINABLE LEADERS FUND CLASS IB | C000010864                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** Goldman Sachs Bank USA

- **ii. LEI, if any:** KD3XUN7C6T14HNAYLU02

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** The Putnam Advisory Company LLC

- **ii. LEI, if any:** 88LQ6PPLZCCSTCFX1D09

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** No

- **iv. Is the cash collateral manager an affiliated person of the Fund?** Yes

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [ ] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $4,203,972.00

- **g. Provide the net income from securities lending activities:** $10,613.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 17a-6 (17 CFR 270.17a-6)

- Rule 17a-7 (17 CFR 270.17a-7)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(d)(ii) (17 CFR 270.18f-4(d)(ii))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Putnam Investment Management, LLC

- **ii. SEC file number:** 801-7974

- **iii. CRD number:** 000106629

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Putnam Investments Limited

- **ii. SEC file number:** 801-61441

- **iii. CRD number:** 000122254

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vi. Foreign country, if applicable:** GB

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. SEC file number:** 84-06331

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Services (Corp)

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Reuters (equities)

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** State Street Bank and Trust Company

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

No Administrators reported.

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** GSCO - GOLDMAN SACHS & CO LLC

- **ii. SEC file number:** 8-129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $53,325.07

**Brokers Record: 2**

- **i. Full name of broker:** MLCO - BofA Securities, Inc.

- **ii. SEC file number:** 8-7221

- **iii. CRD number:** 000007691

- **iv. LEI, if any:** 549300HN4UKV1E2R3U73

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $38,824.37

**Brokers Record: 3**

- **i. Full name of broker:** CGML - CITIGROUP GLOBAL MARKETS INC

- **ii. SEC file number:** 8-8177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** 6SHGI4ZSSLCXXQSBB395

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $32,639.80

**Brokers Record: 4**

- **i. Full name of broker:** JPMS - J.P. MORGAN SECURITIES, LLC.

- **ii. SEC file number:** 8-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $31,095.82

**Brokers Record: 5**

- **i. Full name of broker:** BCAP - BARCLAYS CAPITAL, INC.

- **ii. SEC file number:** 8-41342

- **iii. CRD number:** 000019714

- **iv. LEI, if any:** AC28XWWI3WIBK2824319

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $29,219.24

**Brokers Record: 6**

- **i. Full name of broker:** UBSW - UBS SECURITIES L.L.C.

- **ii. SEC file number:** 8-22651

- **iii. CRD number:** 000007654

- **iv. LEI, if any:** T6FIZBDPKLYJKFCRVK44

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $26,921.30

**Brokers Record: 7**

- **i. Full name of broker:** CSFB - CREDIT SUISSE SECURITIES (USA), LLC

- **ii. SEC file number:** 8-422

- **iii. CRD number:** 000000816

- **iv. LEI, if any:** 1V8Y6QCX6YMJ2OELII46

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $23,281.04

**Brokers Record: 8**

- **i. Full name of broker:** RBCD - RBC CAPITAL MARKETS LLC

- **ii. SEC file number:** 8-45411

- **iii. CRD number:** 000031194

- **iv. LEI, if any:** 549300LCO2FLSSVFFR64

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $14,356.61

**Brokers Record: 9**

- **i. Full name of broker:** WCHV - WELLS FARGO SECURITIES, LLC

- **ii. SEC file number:** 8-65876

- **iii. CRD number:** 000126292

- **iv. LEI, if any:** VYVVCKR63DVZZN70PB21

- **v. State, if applicable:** NC

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $6,643.52

**Brokers Record: 10**

- **i. Full name of broker:** NITE - VIRTU AMERICAS, LLC

- **ii. SEC file number:** 8-68193

- **iii. CRD number:** 000149823

- **iv. LEI, if any:** 549300RA02N3BNSWBV74

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $6,032.76

**Aggregate Commission:** $297,857.18

**Item C.17.a. Principal transaction counterparties.**

| Name                                                   | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| MLCO - BofA Securities, Inc.                           | 8-7221            |    000007691 | 549300HN4UKV1E2R3U73 | NY      | US        | $565,594,000.00           |
| RBCA - ROYAL BANK OF CANADA                            | 8-45411           |    000031194 | ES7IP3U3RHIGC71XBU11 |  |  | $417,665,000.00           |
| CGMI - CITIGROUP GLOBAL MARKETS INC.                   | 8-8177            |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $268,094,000.00           |
| BNPP - BNP PARIBAS SECURITIES CORPORATION              | 8-32682           |    000015794 | RCNB6OTYUAMMP879YW96 | NY      | US        | $213,455,000.00           |
| JPMS - J.P. MORGAN SECURITIES, LLC.                    | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $72,583,317.91            |
| GSCO - GOLDMAN SACHS & CO LLC                          | 8-129             |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $2,807,161.00             |
| WCHV - WELLS FARGO SECURITIES, LLC                     | 8-65876           |    000126292 | VYVVCKR63DVZZN70PB21 | NC      | US        | $1,096,346.81             |
| MSCO - MORGAN STANLEY & CO. LLC                        | 8-15869           |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $896,281.49               |
| BCAP - BARCLAYS CAPITAL, INC.                          | 8-41342           |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $697,612.83               |
| CITG - CITIGROUP GLOBAL MARKETS, INC./SALOMON BROTHERS | 8-8177            |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $497,643.71               |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $1,543,805,493.64

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $821,229,326.51

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $100,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** State Street Bank and Trust Company

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                      | SEC File number   |
|:---|:---|
| Putnam VT Small Cap Growth Fund                   | 811-05346         |
| Putnam VT Sustainable Future Fund                 | 811-05346         |
| Putnam VT Large Cap Value Fund                    | 811-05346         |
| Putnam International Equity Fund                  | 811-06190         |
| Putnam VT Global Asset Allocation Fund            | 811-05346         |
| Putnam Tax Free High Yield Fund                   | 811-04345         |
| Putnam Dynamic Asset Allocation Growth Fund       | 811-07121         |
| Putnam Large Cap Value Fund                       | 811-02742         |
| Putnam VT Mortgage Securities Fund                | 811-05346         |
| Putnam VT International Equity Fund               | 811-05346         |
| Putnam Dynamic Asset Allocation Conservative Fund | 811-07121         |
| Putnam California Tax Exempt Income Fund          | 811-03630         |
| Putnam VT International Value Fund                | 811-05346         |
| Putnam Growth Opportunities Fund                  | 811-07237         |
| George Putnam Balanced Fund                       | 811-00058         |
| Putnam Diversified Income Trust                   | 811-05635         |
| Putnam Money Market Fund                          | 811-02608         |
| Putnam International Capital Opportunities Fund   | 811-07237         |
| Putnam VT George Putnam Balanced Fund             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund            | 811-05346         |
| Putnam Pennsylvania Tax Exempt Income Fund        | 811-05802         |
| Putnam VT Small Cap Value Fund                    | 811-05346         |
| Putnam VT Income Fund                             | 811-05346         |
| Putnam Global Income Trust                        | 811-04524         |
| Putnam Sustainable Leaders Fund                   | 811-06128         |
| Putnam Dynamic Asset Allocation Balanced Fund     | 811-07121         |
| Putnam International Value Fund                   | 811-07513         |
| Putnam Global Health Care Fund                    | 811-03386         |
| Putnam Sustainable Future Fund                    | 811-07237         |
| Putnam VT Research Fund                           | 811-05346         |
| Putnam Mortgage Securities Fund                   | 811-03897         |
| Putnam Minnesota Tax Exempt Income Fund           | 811-04527         |
| Putnam VT Diversified Income Fund                 | 811-05346         |
| Putnam VT Sustainable Leaders Fund                | 811-05346         |
| Putnam Strategic Intermediate Municipal Fund      | 811-04345         |
| Putnam Small Cap Value Fund                       | 811-07237         |
| Putnam Massachusetts Tax Exempt Income Fund       | 811-04518         |
| Putnam VT Government Money Market Fund            | 811-05346         |
| Putnam Research Fund                              | 811-07237         |
| Putnam New Jersey Tax Exempt Income Fund          | 811-05977         |
| Putnam VT Global Health Care Fund                 | 811-05346         |
| Putnam VT Focused International Equity Fund       | 811-05346         |
| Putnam Small Cap Growth Fund                      | 811-07513         |
| Putnam VT Growth Opportunities Fund               | 811-05346         |
| Putnam New York Tax Exempt Income Fund            | 811-03741         |
| Putnam VT High Yield Fund                         | 811-05346         |
| Putnam Tax Exempt Income Fund                     | 811-02675         |
| Putnam Convertible Securities Fund                | 811-02280         |
| Putnam Ohio Tax Exempt Income Fund                | 811-04528         |
| Putnam VT Multi-Cap Core Fund                     | 811-05346         |
| Putnam Income Fund                                | 811-00653         |
| Putnam Floating Rate Income Fund                  | 811-07513         |
| Putnam Short Duration Bond Fund                   | 811-07513         |
| Putnam Global Technology Fund                     | 811-07513         |
| Putnam Emerging Markets Equity Fund               | 811-07513         |
| Putnam Fixed Income Absolute Return Fund          | 811-07513         |
| Putnam Multi-Asset Absolute Return Fund           | 811-07513         |
| Putnam Dynamic Asset Allocation Equity Fund       | 811-07513         |
| Putnam Dynamic Risk Allocation Fund               | 811-07513         |
| Putnam Focused Equity Fund                        | 811-07513         |
| Putnam Core Equity Fund                           | 811-07513         |
| Putnam Ultra Short Duration Income Fund           | 811-07513         |
| Putnam Intermediate-Term Municipal Income Fund    | 811-07513         |
| Putnam Government Money Market Fund               | 811-07237         |
| Putnam VT Multi-Asset Absolute Return Fund        | 811-05346         |
| Putnam Mortgage Opportunities Fund                | 811-07513         |
| Putnam PanAgora Risk Parity Fund                  | 811-07237         |
| Putnam Short-Term Municipal Income Fund           | 811-07513         |
| Putnam High Yield Fund                            | 811-04616         |
| Putnam Sustainable Leaders ETF                    | 811-23643         |
| Putnam Focused International Equity Fund          | 811-01403         |
| Putnam Sustainable Future ETF                     | 811-23643         |
| Putnam Focused Large Cap Growth ETF               | 811-23643         |
| Putnam Focused Large Cap Value ETF                | 811-23643         |
| Putnam Multi-Asset Income Fund                    | 811-07121         |
| Putnam BioRevolution ETF                          | 811-23643         |
| Putnam BDC Income ETF                             | 811-23643         |

- **v. Did the Fund draw on the line of credit this period?** No

**Line of Credit details Record: 2**

- **i. Is the line of credit a committed or uncommitted line of credit?** Uncommitted

- **ii. What size is the line of credit?** $235,500,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** State Street Bank and Trust Company

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                      | SEC File number   |
|:---|:---|
| Putnam VT Small Cap Growth Fund                   | 811-05346         |
| Putnam VT Sustainable Future Fund                 | 811-05346         |
| Putnam VT Large Cap Value Fund                    | 811-05346         |
| Putnam International Equity Fund                  | 811-06190         |
| Putnam VT Global Asset Allocation Fund            | 811-05346         |
| Putnam Tax Free High Yield Fund                   | 811-04345         |
| Putnam Dynamic Asset Allocation Growth Fund       | 811-07121         |
| Putnam Large Cap Value Fund                       | 811-02742         |
| Putnam VT Mortgage Securities Fund                | 811-05346         |
| Putnam VT International Equity Fund               | 811-05346         |
| Putnam Dynamic Asset Allocation Conservative Fund | 811-07121         |
| Putnam California Tax Exempt Income Fund          | 811-03630         |
| Putnam VT International Value Fund                | 811-05346         |
| Putnam Growth Opportunities Fund                  | 811-07237         |
| George Putnam Balanced Fund                       | 811-00058         |
| Putnam Diversified Income Trust                   | 811-05635         |
| Putnam Money Market Fund                          | 811-02608         |
| Putnam International Capital Opportunities Fund   | 811-07237         |
| Putnam VT George Putnam Balanced Fund             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund            | 811-05346         |
| Putnam Pennsylvania Tax Exempt Income Fund        | 811-05802         |
| Putnam VT Small Cap Value Fund                    | 811-05346         |
| Putnam VT Income Fund                             | 811-05346         |
| Putnam Global Income Trust                        | 811-04524         |
| Putnam Sustainable Leaders Fund                   | 811-06128         |
| Putnam Dynamic Asset Allocation Balanced Fund     | 811-07121         |
| Putnam International Value Fund                   | 811-07513         |
| Putnam Global Health Care Fund                    | 811-03386         |
| Putnam Sustainable Future Fund                    | 811-07237         |
| Putnam VT Research Fund                           | 811-05346         |
| Putnam Mortgage Securities Fund                   | 811-03897         |
| Putnam Minnesota Tax Exempt Income Fund           | 811-04527         |
| Putnam VT Diversified Income Fund                 | 811-05346         |
| Putnam VT Sustainable Leaders Fund                | 811-05346         |
| Putnam Strategic Intermediate Municipal Fund      | 811-04345         |
| Putnam Small Cap Value Fund                       | 811-07237         |
| Putnam Massachusetts Tax Exempt Income Fund       | 811-04518         |
| Putnam VT Government Money Market Fund            | 811-05346         |
| Putnam Research Fund                              | 811-07237         |
| Putnam New Jersey Tax Exempt Income Fund          | 811-05977         |
| Putnam VT Global Health Care Fund                 | 811-05346         |
| Putnam VT Focused International Equity Fund       | 811-05346         |
| Putnam Small Cap Growth Fund                      | 811-07513         |
| Putnam VT Growth Opportunities Fund               | 811-05346         |
| Putnam New York Tax Exempt Income Fund            | 811-03741         |
| Putnam VT High Yield Fund                         | 811-05346         |
| Putnam Tax Exempt Income Fund                     | 811-02675         |
| Putnam Convertible Securities Fund                | 811-02280         |
| Putnam Ohio Tax Exempt Income Fund                | 811-04528         |
| Putnam VT Multi-Cap Core Fund                     | 811-05346         |
| Putnam Income Fund                                | 811-00653         |
| Putnam Floating Rate Income Fund                  | 811-07513         |
| Putnam Short Duration Bond Fund                   | 811-07513         |
| Putnam Global Technology Fund                     | 811-07513         |
| Putnam Emerging Markets Equity Fund               | 811-07513         |
| Putnam Fixed Income Absolute Return Fund          | 811-07513         |
| Putnam Multi-Asset Absolute Return Fund           | 811-07513         |
| Putnam Dynamic Asset Allocation Equity Fund       | 811-07513         |
| Putnam Dynamic Risk Allocation Fund               | 811-07513         |
| Putnam Focused Equity Fund                        | 811-07513         |
| Putnam Core Equity Fund                           | 811-07513         |
| Putnam Ultra Short Duration Income Fund           | 811-07513         |
| Putnam Intermediate-Term Municipal Income Fund    | 811-07513         |
| Putnam Government Money Market Fund               | 811-07237         |
| Putnam VT Multi-Asset Absolute Return Fund        | 811-05346         |
| Putnam Mortgage Opportunities Fund                | 811-07513         |
| Putnam PanAgora Risk Parity Fund                  | 811-07237         |
| Putnam Short-Term Municipal Income Fund           | 811-07513         |
| Putnam High Yield Fund                            | 811-04616         |
| Putnam Sustainable Leaders ETF                    | 811-23643         |
| Putnam Focused International Equity Fund          | 811-01403         |
| Putnam Sustainable Future ETF                     | 811-23643         |
| Putnam Focused Large Cap Growth ETF               | 811-23643         |
| Putnam Focused Large Cap Value ETF                | 811-23643         |
| Putnam Multi-Asset Income Fund                    | 811-07121         |
| Putnam BioRevolution ETF                          | 811-23643         |
| Putnam BDC Income ETF                             | 811-23643         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 7 - Putnam VT Sustainable Future Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Putnam VT Sustainable Future Fund

- **b. Series identification number, if any:** S000003881

- **c. LEI:** JYIPQPR6E8NLCIAKNR15

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 2

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                        | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | PUTNAM VT SUSTAINABLE FUTURE FUND - CLASS IA | C000010857                                | N/A                          |
|                           2 | PUTNAM VT SUSTAINABLE FUTURE FUND - CLASS IB | C000010858                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** Goldman Sachs Bank USA

- **ii. LEI, if any:** KD3XUN7C6T14HNAYLU02

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** The Putnam Advisory Company LLC

- **ii. LEI, if any:** 88LQ6PPLZCCSTCFX1D09

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** No

- **iv. Is the cash collateral manager an affiliated person of the Fund?** Yes

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [ ] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $1,093,109.00

- **g. Provide the net income from securities lending activities:** $4,828.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 17a-6 (17 CFR 270.17a-6)

- Rule 17a-7 (17 CFR 270.17a-7)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(d)(ii) (17 CFR 270.18f-4(d)(ii))

- Rule 18f-4(f)(17 CFR 270.18f-4(f))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Putnam Investment Management, LLC

- **ii. SEC file number:** 801-7974

- **iii. CRD number:** 000106629

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Putnam Investments Limited

- **ii. SEC file number:** 801-61441

- **iii. CRD number:** 000122254

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vi. Foreign country, if applicable:** GB

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. SEC file number:** 84-06331

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Reuters (equities)

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** State Street Bank and Trust Company

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

No Administrators reported.

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** GSCO - GOLDMAN SACHS & CO LLC

- **ii. SEC file number:** 8-129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $5,644.52

**Brokers Record: 2**

- **i. Full name of broker:** NITE - VIRTU AMERICAS, LLC

- **ii. SEC file number:** 8-68193

- **iii. CRD number:** 000149823

- **iv. LEI, if any:** 549300RA02N3BNSWBV74

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,243.49

**Brokers Record: 3**

- **i. Full name of broker:** UBSW - UBS SECURITIES L.L.C.

- **ii. SEC file number:** 8-22651

- **iii. CRD number:** 000007654

- **iv. LEI, if any:** T6FIZBDPKLYJKFCRVK44

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,907.11

**Brokers Record: 4**

- **i. Full name of broker:** CGML - CITIGROUP GLOBAL MARKETS INC

- **ii. SEC file number:** 8-8177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** 6SHGI4ZSSLCXXQSBB395

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,600.02

**Brokers Record: 5**

- **i. Full name of broker:** MLCO - BofA Securities, Inc.

- **ii. SEC file number:** 8-7221

- **iii. CRD number:** 000007691

- **iv. LEI, if any:** 549300HN4UKV1E2R3U73

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,617.08

**Brokers Record: 6**

- **i. Full name of broker:** BCAP - BARCLAYS CAPITAL, INC.

- **ii. SEC file number:** 8-41342

- **iii. CRD number:** 000019714

- **iv. LEI, if any:** AC28XWWI3WIBK2824319

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,615.31

**Brokers Record: 7**

- **i. Full name of broker:** PIJF - PIPER JAFFRAY & CO. (formerly WEEDEN & CO. L.P.)

- **ii. SEC file number:** 8-15204

- **iii. CRD number:** 000000665

- **iv. LEI, if any:** QUQDBTUSOAKFEVMRMF78

- **v. State, if applicable:** MN

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,556.62

**Brokers Record: 8**

- **i. Full name of broker:** CSFB - CREDIT SUISSE SECURITIES (USA), LLC

- **ii. SEC file number:** 8-422

- **iii. CRD number:** 000000816

- **iv. LEI, if any:** 1V8Y6QCX6YMJ2OELII46

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,223.58

**Brokers Record: 9**

- **i. Full name of broker:** JPMS - J.P. MORGAN SECURITIES, LLC.

- **ii. SEC file number:** 8-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,010.07

**Brokers Record: 10**

- **i. Full name of broker:** RBCD - RBC CAPITAL MARKETS LLC

- **ii. SEC file number:** 8-45411

- **iii. CRD number:** 000031194

- **iv. LEI, if any:** 549300LCO2FLSSVFFR64

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $760.49

**Aggregate Commission:** $24,829.26

**Item C.17.a. Principal transaction counterparties.**

| Name                                | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| MLCO - BofA Securities, Inc.        | 8-7221            |    000007691 | 549300HN4UKV1E2R3U73 | NY      | US        | $1,919,000.00             |
| JPMS - J.P. MORGAN SECURITIES, LLC. | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $146,300.00               |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $2,065,300.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $30,018,535.84

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $100,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** State Street Bank and Trust Company

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                      | SEC File number   |
|:---|:---|
| Putnam VT Small Cap Growth Fund                   | 811-05346         |
| Putnam VT Sustainable Future Fund                 | 811-05346         |
| Putnam VT Large Cap Value Fund                    | 811-05346         |
| Putnam International Equity Fund                  | 811-06190         |
| Putnam VT Global Asset Allocation Fund            | 811-05346         |
| Putnam Tax Free High Yield Fund                   | 811-04345         |
| Putnam Dynamic Asset Allocation Growth Fund       | 811-07121         |
| Putnam Large Cap Value Fund                       | 811-02742         |
| Putnam VT Mortgage Securities Fund                | 811-05346         |
| Putnam VT International Equity Fund               | 811-05346         |
| Putnam Dynamic Asset Allocation Conservative Fund | 811-07121         |
| Putnam California Tax Exempt Income Fund          | 811-03630         |
| Putnam VT International Value Fund                | 811-05346         |
| Putnam Growth Opportunities Fund                  | 811-07237         |
| George Putnam Balanced Fund                       | 811-00058         |
| Putnam Diversified Income Trust                   | 811-05635         |
| Putnam Money Market Fund                          | 811-02608         |
| Putnam International Capital Opportunities Fund   | 811-07237         |
| Putnam VT George Putnam Balanced Fund             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund            | 811-05346         |
| Putnam Pennsylvania Tax Exempt Income Fund        | 811-05802         |
| Putnam VT Small Cap Value Fund                    | 811-05346         |
| Putnam VT Income Fund                             | 811-05346         |
| Putnam Global Income Trust                        | 811-04524         |
| Putnam Sustainable Leaders Fund                   | 811-06128         |
| Putnam Dynamic Asset Allocation Balanced Fund     | 811-07121         |
| Putnam International Value Fund                   | 811-07513         |
| Putnam Global Health Care Fund                    | 811-03386         |
| Putnam Sustainable Future Fund                    | 811-07237         |
| Putnam VT Research Fund                           | 811-05346         |
| Putnam Mortgage Securities Fund                   | 811-03897         |
| Putnam Minnesota Tax Exempt Income Fund           | 811-04527         |
| Putnam VT Diversified Income Fund                 | 811-05346         |
| Putnam VT Sustainable Leaders Fund                | 811-05346         |
| Putnam Strategic Intermediate Municipal Fund      | 811-04345         |
| Putnam Small Cap Value Fund                       | 811-07237         |
| Putnam Massachusetts Tax Exempt Income Fund       | 811-04518         |
| Putnam VT Government Money Market Fund            | 811-05346         |
| Putnam Research Fund                              | 811-07237         |
| Putnam New Jersey Tax Exempt Income Fund          | 811-05977         |
| Putnam VT Global Health Care Fund                 | 811-05346         |
| Putnam VT Focused International Equity Fund       | 811-05346         |
| Putnam Small Cap Growth Fund                      | 811-07513         |
| Putnam VT Growth Opportunities Fund               | 811-05346         |
| Putnam New York Tax Exempt Income Fund            | 811-03741         |
| Putnam VT High Yield Fund                         | 811-05346         |
| Putnam Tax Exempt Income Fund                     | 811-02675         |
| Putnam Convertible Securities Fund                | 811-02280         |
| Putnam Ohio Tax Exempt Income Fund                | 811-04528         |
| Putnam VT Multi-Cap Core Fund                     | 811-05346         |
| Putnam Income Fund                                | 811-00653         |
| Putnam Floating Rate Income Fund                  | 811-07513         |
| Putnam Short Duration Bond Fund                   | 811-07513         |
| Putnam Global Technology Fund                     | 811-07513         |
| Putnam Emerging Markets Equity Fund               | 811-07513         |
| Putnam Fixed Income Absolute Return Fund          | 811-07513         |
| Putnam Multi-Asset Absolute Return Fund           | 811-07513         |
| Putnam Dynamic Asset Allocation Equity Fund       | 811-07513         |
| Putnam Dynamic Risk Allocation Fund               | 811-07513         |
| Putnam Focused Equity Fund                        | 811-07513         |
| Putnam Core Equity Fund                           | 811-07513         |
| Putnam Ultra Short Duration Income Fund           | 811-07513         |
| Putnam Intermediate-Term Municipal Income Fund    | 811-07513         |
| Putnam Government Money Market Fund               | 811-07237         |
| Putnam VT Multi-Asset Absolute Return Fund        | 811-05346         |
| Putnam Mortgage Opportunities Fund                | 811-07513         |
| Putnam PanAgora Risk Parity Fund                  | 811-07237         |
| Putnam Short-Term Municipal Income Fund           | 811-07513         |
| Putnam High Yield Fund                            | 811-04616         |
| Putnam Sustainable Leaders ETF                    | 811-23643         |
| Putnam Focused International Equity Fund          | 811-01403         |
| Putnam Sustainable Future ETF                     | 811-23643         |
| Putnam Focused Large Cap Growth ETF               | 811-23643         |
| Putnam Focused Large Cap Value ETF                | 811-23643         |
| Putnam Multi-Asset Income Fund                    | 811-07121         |
| Putnam BioRevolution ETF                          | 811-23643         |
| Putnam BDC Income ETF                             | 811-23643         |

- **v. Did the Fund draw on the line of credit this period?** No

**Line of Credit details Record: 2**

- **i. Is the line of credit a committed or uncommitted line of credit?** Uncommitted

- **ii. What size is the line of credit?** $235,500,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** State Street Bank and Trust Company

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                      | SEC File number   |
|:---|:---|
| Putnam VT Small Cap Growth Fund                   | 811-05346         |
| Putnam VT Sustainable Future Fund                 | 811-05346         |
| Putnam VT Large Cap Value Fund                    | 811-05346         |
| Putnam International Equity Fund                  | 811-06190         |
| Putnam VT Global Asset Allocation Fund            | 811-05346         |
| Putnam Tax Free High Yield Fund                   | 811-04345         |
| Putnam Dynamic Asset Allocation Growth Fund       | 811-07121         |
| Putnam Large Cap Value Fund                       | 811-02742         |
| Putnam VT Mortgage Securities Fund                | 811-05346         |
| Putnam VT International Equity Fund               | 811-05346         |
| Putnam Dynamic Asset Allocation Conservative Fund | 811-07121         |
| Putnam California Tax Exempt Income Fund          | 811-03630         |
| Putnam VT International Value Fund                | 811-05346         |
| Putnam Growth Opportunities Fund                  | 811-07237         |
| George Putnam Balanced Fund                       | 811-00058         |
| Putnam Diversified Income Trust                   | 811-05635         |
| Putnam Money Market Fund                          | 811-02608         |
| Putnam International Capital Opportunities Fund   | 811-07237         |
| Putnam VT George Putnam Balanced Fund             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund            | 811-05346         |
| Putnam Pennsylvania Tax Exempt Income Fund        | 811-05802         |
| Putnam VT Small Cap Value Fund                    | 811-05346         |
| Putnam VT Income Fund                             | 811-05346         |
| Putnam Global Income Trust                        | 811-04524         |
| Putnam Sustainable Leaders Fund                   | 811-06128         |
| Putnam Dynamic Asset Allocation Balanced Fund     | 811-07121         |
| Putnam International Value Fund                   | 811-07513         |
| Putnam Global Health Care Fund                    | 811-03386         |
| Putnam Sustainable Future Fund                    | 811-07237         |
| Putnam VT Research Fund                           | 811-05346         |
| Putnam Mortgage Securities Fund                   | 811-03897         |
| Putnam Minnesota Tax Exempt Income Fund           | 811-04527         |
| Putnam VT Diversified Income Fund                 | 811-05346         |
| Putnam VT Sustainable Leaders Fund                | 811-05346         |
| Putnam Strategic Intermediate Municipal Fund      | 811-04345         |
| Putnam Small Cap Value Fund                       | 811-07237         |
| Putnam Massachusetts Tax Exempt Income Fund       | 811-04518         |
| Putnam VT Government Money Market Fund            | 811-05346         |
| Putnam Research Fund                              | 811-07237         |
| Putnam New Jersey Tax Exempt Income Fund          | 811-05977         |
| Putnam VT Global Health Care Fund                 | 811-05346         |
| Putnam VT Focused International Equity Fund       | 811-05346         |
| Putnam Small Cap Growth Fund                      | 811-07513         |
| Putnam VT Growth Opportunities Fund               | 811-05346         |
| Putnam New York Tax Exempt Income Fund            | 811-03741         |
| Putnam VT High Yield Fund                         | 811-05346         |
| Putnam Tax Exempt Income Fund                     | 811-02675         |
| Putnam Convertible Securities Fund                | 811-02280         |
| Putnam Ohio Tax Exempt Income Fund                | 811-04528         |
| Putnam VT Multi-Cap Core Fund                     | 811-05346         |
| Putnam Income Fund                                | 811-00653         |
| Putnam Floating Rate Income Fund                  | 811-07513         |
| Putnam Short Duration Bond Fund                   | 811-07513         |
| Putnam Global Technology Fund                     | 811-07513         |
| Putnam Emerging Markets Equity Fund               | 811-07513         |
| Putnam Fixed Income Absolute Return Fund          | 811-07513         |
| Putnam Multi-Asset Absolute Return Fund           | 811-07513         |
| Putnam Dynamic Asset Allocation Equity Fund       | 811-07513         |
| Putnam Dynamic Risk Allocation Fund               | 811-07513         |
| Putnam Focused Equity Fund                        | 811-07513         |
| Putnam Core Equity Fund                           | 811-07513         |
| Putnam Ultra Short Duration Income Fund           | 811-07513         |
| Putnam Intermediate-Term Municipal Income Fund    | 811-07513         |
| Putnam Government Money Market Fund               | 811-07237         |
| Putnam VT Multi-Asset Absolute Return Fund        | 811-05346         |
| Putnam Mortgage Opportunities Fund                | 811-07513         |
| Putnam PanAgora Risk Parity Fund                  | 811-07237         |
| Putnam Short-Term Municipal Income Fund           | 811-07513         |
| Putnam High Yield Fund                            | 811-04616         |
| Putnam Sustainable Leaders ETF                    | 811-23643         |
| Putnam Focused International Equity Fund          | 811-01403         |
| Putnam Sustainable Future ETF                     | 811-23643         |
| Putnam Focused Large Cap Growth ETF               | 811-23643         |
| Putnam Focused Large Cap Value ETF                | 811-23643         |
| Putnam Multi-Asset Income Fund                    | 811-07121         |
| Putnam BioRevolution ETF                          | 811-23643         |
| Putnam BDC Income ETF                             | 811-23643         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 8 - Putnam VT Small Cap Growth Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Putnam VT Small Cap Growth Fund

- **b. Series identification number, if any:** S000003883

- **c. LEI:** YW6EJ1M3RMPJSDI6CN88

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 2

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class               | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | PUTNAM VT SMALL CAP GROWTH CLASS IA | C000010861                                | N/A                          |
|                           2 | PUTNAM VT SMALL CAP GROWTH CLASS IB | C000010862                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** Goldman Sachs Bank USA

- **ii. LEI, if any:** KD3XUN7C6T14HNAYLU02

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** The Putnam Advisory Company LLC

- **ii. LEI, if any:** 88LQ6PPLZCCSTCFX1D09

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** No

- **iv. Is the cash collateral manager an affiliated person of the Fund?** Yes

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [ ] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $2,332,715.00

- **g. Provide the net income from securities lending activities:** $5,822.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 17a-6 (17 CFR 270.17a-6)

- Rule 17a-7 (17 CFR 270.17a-7)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

- Rule 18f-4(d)(i) (17 CFR 270.18f-4(d)(i))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Putnam Investment Management, LLC

- **ii. SEC file number:** 801-7974

- **iii. CRD number:** 000106629

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Putnam Investments Limited

- **ii. SEC file number:** 801-61441

- **iii. CRD number:** 000122254

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vi. Foreign country, if applicable:** GB

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. SEC file number:** 84-06331

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Reuters (equities)

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** State Street Bank and Trust Company

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

No Administrators reported.

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** NITE - VIRTU AMERICAS, LLC

- **ii. SEC file number:** 8-68193

- **iii. CRD number:** 000149823

- **iv. LEI, if any:** 549300RA02N3BNSWBV74

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $10,300.07

**Brokers Record: 2**

- **i. Full name of broker:** STFL - STIFEL, NICOLAUS & COMPANY INCORPORATED

- **ii. SEC file number:** 8-1447

- **iii. CRD number:** 000000793

- **iv. LEI, if any:** 5WUVMA08EYG4KEUPW589

- **v. State, if applicable:** MO

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,330.00

**Brokers Record: 3**

- **i. Full name of broker:** UBSW - UBS SECURITIES L.L.C.

- **ii. SEC file number:** 8-22651

- **iii. CRD number:** 000007654

- **iv. LEI, if any:** T6FIZBDPKLYJKFCRVK44

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,457.70

**Brokers Record: 4**

- **i. Full name of broker:** GSCO - GOLDMAN SACHS & CO LLC

- **ii. SEC file number:** 8-129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,456.39

**Brokers Record: 5**

- **i. Full name of broker:** CGML - CITIGROUP GLOBAL MARKETS INC

- **ii. SEC file number:** 8-8177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** 6SHGI4ZSSLCXXQSBB395

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,237.45

**Brokers Record: 6**

- **i. Full name of broker:** BCAP - BARCLAYS CAPITAL, INC.

- **ii. SEC file number:** 8-41342

- **iii. CRD number:** 000019714

- **iv. LEI, if any:** AC28XWWI3WIBK2824319

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,001.73

**Brokers Record: 7**

- **i. Full name of broker:** JPMS - J.P. MORGAN SECURITIES, LLC.

- **ii. SEC file number:** 8-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $958.01

**Brokers Record: 8**

- **i. Full name of broker:** JEFF - JEFFERIES LLC

- **ii. SEC file number:** 8-15074

- **iii. CRD number:** 000002347

- **iv. LEI, if any:** 58PU97L1C0WSRCWADL48

- **v. State, if applicable:** NJ

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $548.66

**Brokers Record: 9**

- **i. Full name of broker:** PIJF - PIPER JAFFRAY & CO. (formerly WEEDEN & CO. L.P.)

- **ii. SEC file number:** 8-15204

- **iii. CRD number:** 000000665

- **iv. LEI, if any:** QUQDBTUSOAKFEVMRMF78

- **v. State, if applicable:** MN

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $304.96

**Brokers Record: 10**

- **i. Full name of broker:** STCM - TRUIST BANK

- **ii. SEC file number:** 8-17212

- **iii. CRD number:** 000006271

- **iv. LEI, if any:** CSVTK36R0PNGXEM7NS14

- **v. State, if applicable:** GA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $274.76

**Aggregate Commission:** $22,841.59

**Item C.17.a. Principal transaction counterparties.**

| Name                                | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| MLCO - BofA Securities, Inc.        | 8-7221            |    000007691 | 549300HN4UKV1E2R3U73 | NY      | US        | $869,325.50               |
| JPMS - J.P. MORGAN SECURITIES, LLC. | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $41,360.00                |
| COWN - COWEN & COMPANY, L.L.C.      | 8-22522           |    000007616 | 549300WR155U7DVMIW58 | NY      | US        | $8,800.00                 |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $919,485.50

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $28,423,676.51

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $100,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** State Street Bank and Trust Company

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                      | SEC File number   |
|:---|:---|
| Putnam VT Small Cap Growth Fund                   | 811-05346         |
| Putnam VT Sustainable Future Fund                 | 811-05346         |
| Putnam VT Large Cap Value Fund                    | 811-05346         |
| Putnam International Equity Fund                  | 811-06190         |
| Putnam VT Global Asset Allocation Fund            | 811-05346         |
| Putnam Tax Free High Yield Fund                   | 811-04345         |
| Putnam Dynamic Asset Allocation Growth Fund       | 811-07121         |
| Putnam Large Cap Value Fund                       | 811-02742         |
| Putnam VT Mortgage Securities Fund                | 811-05346         |
| Putnam VT International Equity Fund               | 811-05346         |
| Putnam Dynamic Asset Allocation Conservative Fund | 811-07121         |
| Putnam California Tax Exempt Income Fund          | 811-03630         |
| Putnam VT International Value Fund                | 811-05346         |
| Putnam Growth Opportunities Fund                  | 811-07237         |
| George Putnam Balanced Fund                       | 811-00058         |
| Putnam Diversified Income Trust                   | 811-05635         |
| Putnam Money Market Fund                          | 811-02608         |
| Putnam International Capital Opportunities Fund   | 811-07237         |
| Putnam VT George Putnam Balanced Fund             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund            | 811-05346         |
| Putnam Pennsylvania Tax Exempt Income Fund        | 811-05802         |
| Putnam VT Small Cap Value Fund                    | 811-05346         |
| Putnam VT Income Fund                             | 811-05346         |
| Putnam Global Income Trust                        | 811-04524         |
| Putnam Sustainable Leaders Fund                   | 811-06128         |
| Putnam Dynamic Asset Allocation Balanced Fund     | 811-07121         |
| Putnam International Value Fund                   | 811-07513         |
| Putnam Global Health Care Fund                    | 811-03386         |
| Putnam Sustainable Future Fund                    | 811-07237         |
| Putnam VT Research Fund                           | 811-05346         |
| Putnam Mortgage Securities Fund                   | 811-03897         |
| Putnam Minnesota Tax Exempt Income Fund           | 811-04527         |
| Putnam VT Diversified Income Fund                 | 811-05346         |
| Putnam VT Sustainable Leaders Fund                | 811-05346         |
| Putnam Strategic Intermediate Municipal Fund      | 811-04345         |
| Putnam Small Cap Value Fund                       | 811-07237         |
| Putnam Massachusetts Tax Exempt Income Fund       | 811-04518         |
| Putnam VT Government Money Market Fund            | 811-05346         |
| Putnam Research Fund                              | 811-07237         |
| Putnam New Jersey Tax Exempt Income Fund          | 811-05977         |
| Putnam VT Global Health Care Fund                 | 811-05346         |
| Putnam VT Focused International Equity Fund       | 811-05346         |
| Putnam Small Cap Growth Fund                      | 811-07513         |
| Putnam VT Growth Opportunities Fund               | 811-05346         |
| Putnam New York Tax Exempt Income Fund            | 811-03741         |
| Putnam VT High Yield Fund                         | 811-05346         |
| Putnam Tax Exempt Income Fund                     | 811-02675         |
| Putnam Convertible Securities Fund                | 811-02280         |
| Putnam Ohio Tax Exempt Income Fund                | 811-04528         |
| Putnam VT Multi-Cap Core Fund                     | 811-05346         |
| Putnam Income Fund                                | 811-00653         |
| Putnam Floating Rate Income Fund                  | 811-07513         |
| Putnam Short Duration Bond Fund                   | 811-07513         |
| Putnam Global Technology Fund                     | 811-07513         |
| Putnam Emerging Markets Equity Fund               | 811-07513         |
| Putnam Fixed Income Absolute Return Fund          | 811-07513         |
| Putnam Multi-Asset Absolute Return Fund           | 811-07513         |
| Putnam Dynamic Asset Allocation Equity Fund       | 811-07513         |
| Putnam Dynamic Risk Allocation Fund               | 811-07513         |
| Putnam Focused Equity Fund                        | 811-07513         |
| Putnam Core Equity Fund                           | 811-07513         |
| Putnam Ultra Short Duration Income Fund           | 811-07513         |
| Putnam Intermediate-Term Municipal Income Fund    | 811-07513         |
| Putnam Government Money Market Fund               | 811-07237         |
| Putnam VT Multi-Asset Absolute Return Fund        | 811-05346         |
| Putnam Mortgage Opportunities Fund                | 811-07513         |
| Putnam PanAgora Risk Parity Fund                  | 811-07237         |
| Putnam Short-Term Municipal Income Fund           | 811-07513         |
| Putnam High Yield Fund                            | 811-04616         |
| Putnam Sustainable Leaders ETF                    | 811-23643         |
| Putnam Focused International Equity Fund          | 811-01403         |
| Putnam Sustainable Future ETF                     | 811-23643         |
| Putnam Focused Large Cap Growth ETF               | 811-23643         |
| Putnam Focused Large Cap Value ETF                | 811-23643         |
| Putnam Multi-Asset Income Fund                    | 811-07121         |
| Putnam BioRevolution ETF                          | 811-23643         |
| Putnam BDC Income ETF                             | 811-23643         |

- **v. Did the Fund draw on the line of credit this period?** No

**Line of Credit details Record: 2**

- **i. Is the line of credit a committed or uncommitted line of credit?** Uncommitted

- **ii. What size is the line of credit?** $235,500,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** State Street Bank and Trust Company

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                      | SEC File number   |
|:---|:---|
| Putnam VT Small Cap Growth Fund                   | 811-05346         |
| Putnam VT Sustainable Future Fund                 | 811-05346         |
| Putnam VT Large Cap Value Fund                    | 811-05346         |
| Putnam International Equity Fund                  | 811-06190         |
| Putnam VT Global Asset Allocation Fund            | 811-05346         |
| Putnam Tax Free High Yield Fund                   | 811-04345         |
| Putnam Dynamic Asset Allocation Growth Fund       | 811-07121         |
| Putnam Large Cap Value Fund                       | 811-02742         |
| Putnam VT Mortgage Securities Fund                | 811-05346         |
| Putnam VT International Equity Fund               | 811-05346         |
| Putnam Dynamic Asset Allocation Conservative Fund | 811-07121         |
| Putnam California Tax Exempt Income Fund          | 811-03630         |
| Putnam VT International Value Fund                | 811-05346         |
| Putnam Growth Opportunities Fund                  | 811-07237         |
| George Putnam Balanced Fund                       | 811-00058         |
| Putnam Diversified Income Trust                   | 811-05635         |
| Putnam Money Market Fund                          | 811-02608         |
| Putnam International Capital Opportunities Fund   | 811-07237         |
| Putnam VT George Putnam Balanced Fund             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund            | 811-05346         |
| Putnam Pennsylvania Tax Exempt Income Fund        | 811-05802         |
| Putnam VT Small Cap Value Fund                    | 811-05346         |
| Putnam VT Income Fund                             | 811-05346         |
| Putnam Global Income Trust                        | 811-04524         |
| Putnam Sustainable Leaders Fund                   | 811-06128         |
| Putnam Dynamic Asset Allocation Balanced Fund     | 811-07121         |
| Putnam International Value Fund                   | 811-07513         |
| Putnam Global Health Care Fund                    | 811-03386         |
| Putnam Sustainable Future Fund                    | 811-07237         |
| Putnam VT Research Fund                           | 811-05346         |
| Putnam Mortgage Securities Fund                   | 811-03897         |
| Putnam Minnesota Tax Exempt Income Fund           | 811-04527         |
| Putnam VT Diversified Income Fund                 | 811-05346         |
| Putnam VT Sustainable Leaders Fund                | 811-05346         |
| Putnam Strategic Intermediate Municipal Fund      | 811-04345         |
| Putnam Small Cap Value Fund                       | 811-07237         |
| Putnam Massachusetts Tax Exempt Income Fund       | 811-04518         |
| Putnam VT Government Money Market Fund            | 811-05346         |
| Putnam Research Fund                              | 811-07237         |
| Putnam New Jersey Tax Exempt Income Fund          | 811-05977         |
| Putnam VT Global Health Care Fund                 | 811-05346         |
| Putnam VT Focused International Equity Fund       | 811-05346         |
| Putnam Small Cap Growth Fund                      | 811-07513         |
| Putnam VT Growth Opportunities Fund               | 811-05346         |
| Putnam New York Tax Exempt Income Fund            | 811-03741         |
| Putnam VT High Yield Fund                         | 811-05346         |
| Putnam Tax Exempt Income Fund                     | 811-02675         |
| Putnam Convertible Securities Fund                | 811-02280         |
| Putnam Ohio Tax Exempt Income Fund                | 811-04528         |
| Putnam VT Multi-Cap Core Fund                     | 811-05346         |
| Putnam Income Fund                                | 811-00653         |
| Putnam Floating Rate Income Fund                  | 811-07513         |
| Putnam Short Duration Bond Fund                   | 811-07513         |
| Putnam Global Technology Fund                     | 811-07513         |
| Putnam Emerging Markets Equity Fund               | 811-07513         |
| Putnam Fixed Income Absolute Return Fund          | 811-07513         |
| Putnam Multi-Asset Absolute Return Fund           | 811-07513         |
| Putnam Dynamic Asset Allocation Equity Fund       | 811-07513         |
| Putnam Dynamic Risk Allocation Fund               | 811-07513         |
| Putnam Focused Equity Fund                        | 811-07513         |
| Putnam Core Equity Fund                           | 811-07513         |
| Putnam Ultra Short Duration Income Fund           | 811-07513         |
| Putnam Intermediate-Term Municipal Income Fund    | 811-07513         |
| Putnam Government Money Market Fund               | 811-07237         |
| Putnam VT Multi-Asset Absolute Return Fund        | 811-05346         |
| Putnam Mortgage Opportunities Fund                | 811-07513         |
| Putnam PanAgora Risk Parity Fund                  | 811-07237         |
| Putnam Short-Term Municipal Income Fund           | 811-07513         |
| Putnam High Yield Fund                            | 811-04616         |
| Putnam Sustainable Leaders ETF                    | 811-23643         |
| Putnam Focused International Equity Fund          | 811-01403         |
| Putnam Sustainable Future ETF                     | 811-23643         |
| Putnam Focused Large Cap Growth ETF               | 811-23643         |
| Putnam Focused Large Cap Value ETF                | 811-23643         |
| Putnam Multi-Asset Income Fund                    | 811-07121         |
| Putnam BioRevolution ETF                          | 811-23643         |
| Putnam BDC Income ETF                             | 811-23643         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 9 - Putnam VT Large Cap Value Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Putnam VT Large Cap Value Fund

- **b. Series identification number, if any:** S000003894

- **c. LEI:** ITNNCTEHDDEMTCLPNT59

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 2

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | PUTNAM VT LARGE CAP VALUE FUND CLASS IA | C000010883                                | N/A                          |
|                           2 | PUTNAM VT LARGE CAP VALUE FUND CLASS IB | C000010884                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** Goldman Sachs Bank USA

- **ii. LEI, if any:** KD3XUN7C6T14HNAYLU02

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** The Putnam Advisory Company LLC

- **ii. LEI, if any:** 88LQ6PPLZCCSTCFX1D09

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** No

- **iv. Is the cash collateral manager an affiliated person of the Fund?** Yes

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [ ] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $20,823,666.00

- **g. Provide the net income from securities lending activities:** $51,252.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 17a-6 (17 CFR 270.17a-6)

- Rule 17a-7 (17 CFR 270.17a-7)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

- Rule 18f-4(d)(i) (17 CFR 270.18f-4(d)(i))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Putnam Investment Management, LLC

- **ii. SEC file number:** 801-7974

- **iii. CRD number:** 000106629

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Putnam Investments Limited

- **ii. SEC file number:** 801-61441

- **iii. CRD number:** 000122254

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vi. Foreign country, if applicable:** GB

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. SEC file number:** 84-06331

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Reuters

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** ICE Data Services (Corp)

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Reuters (equities)

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** ICE Data Services (Convert)

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** State Street Bank and Trust Company

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

No Administrators reported.

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** BCAP - BARCLAYS CAPITAL, INC.

- **ii. SEC file number:** 8-41342

- **iii. CRD number:** 000019714

- **iv. LEI, if any:** AC28XWWI3WIBK2824319

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $32,573.39

**Brokers Record: 2**

- **i. Full name of broker:** MLCO - BofA Securities, Inc.

- **ii. SEC file number:** 8-7221

- **iii. CRD number:** 000007691

- **iv. LEI, if any:** 549300HN4UKV1E2R3U73

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $28,996.05

**Brokers Record: 3**

- **i. Full name of broker:** JPMS - J.P. MORGAN SECURITIES, LLC.

- **ii. SEC file number:** 8-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $27,287.94

**Brokers Record: 4**

- **i. Full name of broker:** GSCO - GOLDMAN SACHS & CO LLC

- **ii. SEC file number:** 8-129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $27,018.03

**Brokers Record: 5**

- **i. Full name of broker:** MSCO - MORGAN STANLEY & CO. LLC

- **ii. SEC file number:** 8-15869

- **iii. CRD number:** 000008209

- **iv. LEI, if any:** 9R7GPTSO7KV3UQJZQ078

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $23,063.73

**Brokers Record: 6**

- **i. Full name of broker:** CGML - CITIGROUP GLOBAL MARKETS INC

- **ii. SEC file number:** 8-8177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** 6SHGI4ZSSLCXXQSBB395

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $11,327.03

**Brokers Record: 7**

- **i. Full name of broker:** UBSW - UBS SECURITIES L.L.C.

- **ii. SEC file number:** 8-22651

- **iii. CRD number:** 000007654

- **iv. LEI, if any:** T6FIZBDPKLYJKFCRVK44

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $9,483.15

**Brokers Record: 8**

- **i. Full name of broker:** CSFB - CREDIT SUISSE SECURITIES (USA), LLC

- **ii. SEC file number:** 8-422

- **iii. CRD number:** 000000816

- **iv. LEI, if any:** 1V8Y6QCX6YMJ2OELII46

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $7,940.60

**Brokers Record: 9**

- **i. Full name of broker:** ISIG - EVERCORE ISI

- **ii. SEC file number:** 8-43515

- **iii. CRD number:** 000028195

- **iv. LEI, if any:** 5493008F0LRLS5N8LZ81

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $6,800.40

**Brokers Record: 10**

- **i. Full name of broker:** BMOC - BMO CAPITAL MARKETS CORP.

- **ii. SEC file number:** 8-34344

- **iii. CRD number:** 000016686

- **iv. LEI, if any:** RUC0QBLBRPRCU4W1NE59

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $6,665.08

**Aggregate Commission:** $221,596.61

**Item C.17.a. Principal transaction counterparties.**

| Name                                      | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| MLCO - BofA Securities, Inc.              | 8-7221            |    000007691 | 549300HN4UKV1E2R3U73 | NY      | US        | $781,728,959.19           |
| BNPP - BNP PARIBAS SECURITIES CORPORATION | 8-32682           |    000015794 | RCNB6OTYUAMMP879YW96 | NY      | US        | $607,932,000.00           |
| RBCA - ROYAL BANK OF CANADA               | 8-45411           |    000031194 | ES7IP3U3RHIGC71XBU11 |  |  | $522,664,000.00           |
| CGMI - CITIGROUP GLOBAL MARKETS INC.      | 8-8177            |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $277,224,000.00           |
| BMO - Bank of Montreal                    | 8-67064           |    000137115 | NQQ6HPCNCCU6TUTQYE16 |  |  | $66,032,000.00            |
| JPMS - J.P. MORGAN SECURITIES, LLC.       | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $63,799,947.28            |
| BCAP - BARCLAYS CAPITAL, INC.             | 8-41342           |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $5,897,844.40             |
| WCHV - WELLS FARGO SECURITIES, LLC        | 8-65876           |    000126292 | VYVVCKR63DVZZN70PB21 | NC      | US        | $2,691,033.08             |
| MSCO - MORGAN STANLEY & CO. LLC           | 8-15869           |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $2,090,709.90             |
| CTDL - CITADEL SECURITIES LLC             | 8-53574           |    000116797 | 12UUJYTN7D3SW8KCSG25 | IL      | US        | $1,597,961.24             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $2,335,543,968.81

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $1,558,708,818.12

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $100,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** State Street Bank and Trust Company

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                      | SEC File number   |
|:---|:---|
| Putnam VT Small Cap Growth Fund                   | 811-05346         |
| Putnam VT Sustainable Future Fund                 | 811-05346         |
| Putnam VT Large Cap Value Fund                    | 811-05346         |
| Putnam International Equity Fund                  | 811-06190         |
| Putnam VT Global Asset Allocation Fund            | 811-05346         |
| Putnam Tax Free High Yield Fund                   | 811-04345         |
| Putnam Dynamic Asset Allocation Growth Fund       | 811-07121         |
| Putnam Large Cap Value Fund                       | 811-02742         |
| Putnam VT Mortgage Securities Fund                | 811-05346         |
| Putnam VT International Equity Fund               | 811-05346         |
| Putnam Dynamic Asset Allocation Conservative Fund | 811-07121         |
| Putnam California Tax Exempt Income Fund          | 811-03630         |
| Putnam VT International Value Fund                | 811-05346         |
| Putnam Growth Opportunities Fund                  | 811-07237         |
| George Putnam Balanced Fund                       | 811-00058         |
| Putnam Diversified Income Trust                   | 811-05635         |
| Putnam Money Market Fund                          | 811-02608         |
| Putnam International Capital Opportunities Fund   | 811-07237         |
| Putnam VT George Putnam Balanced Fund             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund            | 811-05346         |
| Putnam Pennsylvania Tax Exempt Income Fund        | 811-05802         |
| Putnam VT Small Cap Value Fund                    | 811-05346         |
| Putnam VT Income Fund                             | 811-05346         |
| Putnam Global Income Trust                        | 811-04524         |
| Putnam Sustainable Leaders Fund                   | 811-06128         |
| Putnam Dynamic Asset Allocation Balanced Fund     | 811-07121         |
| Putnam International Value Fund                   | 811-07513         |
| Putnam Global Health Care Fund                    | 811-03386         |
| Putnam Sustainable Future Fund                    | 811-07237         |
| Putnam VT Research Fund                           | 811-05346         |
| Putnam Mortgage Securities Fund                   | 811-03897         |
| Putnam Minnesota Tax Exempt Income Fund           | 811-04527         |
| Putnam VT Diversified Income Fund                 | 811-05346         |
| Putnam VT Sustainable Leaders Fund                | 811-05346         |
| Putnam Strategic Intermediate Municipal Fund      | 811-04345         |
| Putnam Small Cap Value Fund                       | 811-07237         |
| Putnam Massachusetts Tax Exempt Income Fund       | 811-04518         |
| Putnam VT Government Money Market Fund            | 811-05346         |
| Putnam Research Fund                              | 811-07237         |
| Putnam New Jersey Tax Exempt Income Fund          | 811-05977         |
| Putnam VT Global Health Care Fund                 | 811-05346         |
| Putnam VT Focused International Equity Fund       | 811-05346         |
| Putnam Small Cap Growth Fund                      | 811-07513         |
| Putnam VT Growth Opportunities Fund               | 811-05346         |
| Putnam New York Tax Exempt Income Fund            | 811-03741         |
| Putnam VT High Yield Fund                         | 811-05346         |
| Putnam Tax Exempt Income Fund                     | 811-02675         |
| Putnam Convertible Securities Fund                | 811-02280         |
| Putnam Ohio Tax Exempt Income Fund                | 811-04528         |
| Putnam VT Multi-Cap Core Fund                     | 811-05346         |
| Putnam Income Fund                                | 811-00653         |
| Putnam Floating Rate Income Fund                  | 811-07513         |
| Putnam Short Duration Bond Fund                   | 811-07513         |
| Putnam Global Technology Fund                     | 811-07513         |
| Putnam Emerging Markets Equity Fund               | 811-07513         |
| Putnam Fixed Income Absolute Return Fund          | 811-07513         |
| Putnam Multi-Asset Absolute Return Fund           | 811-07513         |
| Putnam Dynamic Asset Allocation Equity Fund       | 811-07513         |
| Putnam Dynamic Risk Allocation Fund               | 811-07513         |
| Putnam Focused Equity Fund                        | 811-07513         |
| Putnam Core Equity Fund                           | 811-07513         |
| Putnam Ultra Short Duration Income Fund           | 811-07513         |
| Putnam Intermediate-Term Municipal Income Fund    | 811-07513         |
| Putnam Government Money Market Fund               | 811-07237         |
| Putnam VT Multi-Asset Absolute Return Fund        | 811-05346         |
| Putnam Mortgage Opportunities Fund                | 811-07513         |
| Putnam PanAgora Risk Parity Fund                  | 811-07237         |
| Putnam Short-Term Municipal Income Fund           | 811-07513         |
| Putnam High Yield Fund                            | 811-04616         |
| Putnam Sustainable Leaders ETF                    | 811-23643         |
| Putnam Focused International Equity Fund          | 811-01403         |
| Putnam Sustainable Future ETF                     | 811-23643         |
| Putnam Focused Large Cap Growth ETF               | 811-23643         |
| Putnam Focused Large Cap Value ETF                | 811-23643         |
| Putnam Multi-Asset Income Fund                    | 811-07121         |
| Putnam BioRevolution ETF                          | 811-23643         |
| Putnam BDC Income ETF                             | 811-23643         |

- **v. Did the Fund draw on the line of credit this period?** No

**Line of Credit details Record: 2**

- **i. Is the line of credit a committed or uncommitted line of credit?** Uncommitted

- **ii. What size is the line of credit?** $235,500,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** State Street Bank and Trust Company

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                      | SEC File number   |
|:---|:---|
| Putnam VT Small Cap Growth Fund                   | 811-05346         |
| Putnam VT Sustainable Future Fund                 | 811-05346         |
| Putnam VT Large Cap Value Fund                    | 811-05346         |
| Putnam International Equity Fund                  | 811-06190         |
| Putnam VT Global Asset Allocation Fund            | 811-05346         |
| Putnam Tax Free High Yield Fund                   | 811-04345         |
| Putnam Dynamic Asset Allocation Growth Fund       | 811-07121         |
| Putnam Large Cap Value Fund                       | 811-02742         |
| Putnam VT Mortgage Securities Fund                | 811-05346         |
| Putnam VT International Equity Fund               | 811-05346         |
| Putnam Dynamic Asset Allocation Conservative Fund | 811-07121         |
| Putnam California Tax Exempt Income Fund          | 811-03630         |
| Putnam VT International Value Fund                | 811-05346         |
| Putnam Growth Opportunities Fund                  | 811-07237         |
| George Putnam Balanced Fund                       | 811-00058         |
| Putnam Diversified Income Trust                   | 811-05635         |
| Putnam Money Market Fund                          | 811-02608         |
| Putnam International Capital Opportunities Fund   | 811-07237         |
| Putnam VT George Putnam Balanced Fund             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund            | 811-05346         |
| Putnam Pennsylvania Tax Exempt Income Fund        | 811-05802         |
| Putnam VT Small Cap Value Fund                    | 811-05346         |
| Putnam VT Income Fund                             | 811-05346         |
| Putnam Global Income Trust                        | 811-04524         |
| Putnam Sustainable Leaders Fund                   | 811-06128         |
| Putnam Dynamic Asset Allocation Balanced Fund     | 811-07121         |
| Putnam International Value Fund                   | 811-07513         |
| Putnam Global Health Care Fund                    | 811-03386         |
| Putnam Sustainable Future Fund                    | 811-07237         |
| Putnam VT Research Fund                           | 811-05346         |
| Putnam Mortgage Securities Fund                   | 811-03897         |
| Putnam Minnesota Tax Exempt Income Fund           | 811-04527         |
| Putnam VT Diversified Income Fund                 | 811-05346         |
| Putnam VT Sustainable Leaders Fund                | 811-05346         |
| Putnam Strategic Intermediate Municipal Fund      | 811-04345         |
| Putnam Small Cap Value Fund                       | 811-07237         |
| Putnam Massachusetts Tax Exempt Income Fund       | 811-04518         |
| Putnam VT Government Money Market Fund            | 811-05346         |
| Putnam Research Fund                              | 811-07237         |
| Putnam New Jersey Tax Exempt Income Fund          | 811-05977         |
| Putnam VT Global Health Care Fund                 | 811-05346         |
| Putnam VT Focused International Equity Fund       | 811-05346         |
| Putnam Small Cap Growth Fund                      | 811-07513         |
| Putnam VT Growth Opportunities Fund               | 811-05346         |
| Putnam New York Tax Exempt Income Fund            | 811-03741         |
| Putnam VT High Yield Fund                         | 811-05346         |
| Putnam Tax Exempt Income Fund                     | 811-02675         |
| Putnam Convertible Securities Fund                | 811-02280         |
| Putnam Ohio Tax Exempt Income Fund                | 811-04528         |
| Putnam VT Multi-Cap Core Fund                     | 811-05346         |
| Putnam Income Fund                                | 811-00653         |
| Putnam Floating Rate Income Fund                  | 811-07513         |
| Putnam Short Duration Bond Fund                   | 811-07513         |
| Putnam Global Technology Fund                     | 811-07513         |
| Putnam Emerging Markets Equity Fund               | 811-07513         |
| Putnam Fixed Income Absolute Return Fund          | 811-07513         |
| Putnam Multi-Asset Absolute Return Fund           | 811-07513         |
| Putnam Dynamic Asset Allocation Equity Fund       | 811-07513         |
| Putnam Dynamic Risk Allocation Fund               | 811-07513         |
| Putnam Focused Equity Fund                        | 811-07513         |
| Putnam Core Equity Fund                           | 811-07513         |
| Putnam Ultra Short Duration Income Fund           | 811-07513         |
| Putnam Intermediate-Term Municipal Income Fund    | 811-07513         |
| Putnam Government Money Market Fund               | 811-07237         |
| Putnam VT Multi-Asset Absolute Return Fund        | 811-05346         |
| Putnam Mortgage Opportunities Fund                | 811-07513         |
| Putnam PanAgora Risk Parity Fund                  | 811-07237         |
| Putnam Short-Term Municipal Income Fund           | 811-07513         |
| Putnam High Yield Fund                            | 811-04616         |
| Putnam Sustainable Leaders ETF                    | 811-23643         |
| Putnam Focused International Equity Fund          | 811-01403         |
| Putnam Sustainable Future ETF                     | 811-23643         |
| Putnam Focused Large Cap Growth ETF               | 811-23643         |
| Putnam Focused Large Cap Value ETF                | 811-23643         |
| Putnam Multi-Asset Income Fund                    | 811-07121         |
| Putnam BioRevolution ETF                          | 811-23643         |
| Putnam BDC Income ETF                             | 811-23643         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 10 - Putnam VT International Value Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Putnam VT International Value Fund

- **b. Series identification number, if any:** S000003878

- **c. LEI:** TNUK5E0XNNLQBFCQD252

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 2

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class               | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | PUTNAM VT INTERNATIONAL VALUE CL IA | C000010851                                | N/A                          |
|                           2 | PUTNAM VT INTERNATIONAL VALUE CL IB | C000010852                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** Goldman Sachs Bank USA

- **ii. LEI, if any:** KD3XUN7C6T14HNAYLU02

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** The Putnam Advisory Company LLC

- **ii. LEI, if any:** 88LQ6PPLZCCSTCFX1D09

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** No

- **iv. Is the cash collateral manager an affiliated person of the Fund?** Yes

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [ ] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $582,381.00

- **g. Provide the net income from securities lending activities:** $12,831.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 17a-6 (17 CFR 270.17a-6)

- Rule 17a-7 (17 CFR 270.17a-7)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(d)(ii) (17 CFR 270.18f-4(d)(ii))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Putnam Investment Management, LLC

- **ii. SEC file number:** 801-7974

- **iii. CRD number:** 000106629

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Putnam Investments Limited

- **ii. SEC file number:** 801-61441

- **iii. CRD number:** 000122254

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vi. Foreign country, if applicable:** GB

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Sub-adviser Record: 2**

- **i. Full name:** The Putnam Advisory Company, LLC

- **ii. SEC file number:** 801-5097

- **iii. CRD number:** 000106631

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. SEC file number:** 84-06331

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Services (Corp)

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Reuters (equities)

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** State Street Bank and Trust Company

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

No Administrators reported.

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** UBSW - UBS SECURITIES L.L.C.

- **ii. SEC file number:** 8-22651

- **iii. CRD number:** 000007654

- **iv. LEI, if any:** T6FIZBDPKLYJKFCRVK44

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $8,063.40

**Brokers Record: 2**

- **i. Full name of broker:** CSI - CREDIT SUISSE INTERNATIONAL

- **ii. SEC file number:** 8-422

- **iii. CRD number:** 000000816

- **iv. LEI, if any:** E58DKGMJYYYJLN8C3868

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $4,834.60

**Brokers Record: 3**

- **i. Full name of broker:** JPMS - J.P. MORGAN SECURITIES, LLC.

- **ii. SEC file number:** 8-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,528.11

**Brokers Record: 4**

- **i. Full name of broker:** DAWA - DAIWA CAPITAL MARKETS AMERICA INC.

- **ii. SEC file number:** 8-12242

- **iii. CRD number:** 000001576

- **iv. LEI, if any:** M67H5PRC0NQKM73ZAS82

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,749.84

**Brokers Record: 5**

- **i. Full name of broker:** BCAP - BARCLAYS CAPITAL, INC.

- **ii. SEC file number:** 8-41342

- **iii. CRD number:** 000019714

- **iv. LEI, if any:** AC28XWWI3WIBK2824319

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,721.23

**Brokers Record: 6**

- **i. Full name of broker:** GSCO - GOLDMAN SACHS & CO LLC

- **ii. SEC file number:** 8-129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,274.02

**Brokers Record: 7**

- **i. Full name of broker:** MLCO - BofA Securities, Inc.

- **ii. SEC file number:** 8-7221

- **iii. CRD number:** 000007691

- **iv. LEI, if any:** 549300HN4UKV1E2R3U73

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,052.03

**Brokers Record: 8**

- **i. Full name of broker:** RBCD - RBC CAPITAL MARKETS LLC

- **ii. SEC file number:** 8-45411

- **iii. CRD number:** 000031194

- **iv. LEI, if any:** 549300LCO2FLSSVFFR64

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,004.80

**Brokers Record: 9**

- **i. Full name of broker:** GOOD - GOODBODY STOCKBROKER

- **ii. SEC file number:** 8-66955

- **iii. CRD number:** 000135790

- **iv. LEI, if any:** 635400IL71G3SXS7OE16

- **vii. Gross commissions paid by the Fund for the reporting period:** $947.01

**Brokers Record: 10**

- **i. Full name of broker:** DAVY - DAVY STOCKBROKERS

- **ii. SEC file number:** 8-66522

- **iii. CRD number:** 000131901

- **iv. LEI, if any:** 63540061DPCBNMCGRY22

- **vii. Gross commissions paid by the Fund for the reporting period:** $900.67

**Aggregate Commission:** $26,731.04

**Item C.17.a. Principal transaction counterparties.**

| Name                                         | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| MLCO - BofA Securities, Inc.                 | 8-7221            |    000007691 | 549300HN4UKV1E2R3U73 | NY      | US        | $156,820,000.00           |
| JPMS - J.P. MORGAN SECURITIES, LLC.          | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $37,791,431.74            |
| CGMI - CITIGROUP GLOBAL MARKETS INC.         | 8-8177            |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $4,576,000.00             |
| BMOC - BMO CAPITAL MARKETS CORP.             | 8-34344           |    000016686 | RUC0QBLBRPRCU4W1NE59 | NY      | US        | $499,062.10               |
| NMRA - NOMURA SECURITIES INTERNATIONAL, INC. | 8-15255           |    000004297 | OXTKY6Q8X53C9ILVV871 | NY      | US        | $498,922.02               |
| PARI - BNP PARIBAS SECURITIES CORP           | 8-32682           |    000015794 | RCNB6OTYUAMMP879YW96 | NY      | US        | $99,661.18                |
| UBSW - UBS SECURITIES L.L.C.                 | 8-22651           |    000007654 | T6FIZBDPKLYJKFCRVK44 | CT      | US        | $93,620.28                |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $200,378,697.32

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $82,325,899.22

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $100,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** State Street Bank and Trust Company

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                      | SEC File number   |
|:---|:---|
| Putnam VT Small Cap Growth Fund                   | 811-05346         |
| Putnam VT Sustainable Future Fund                 | 811-05346         |
| Putnam VT Large Cap Value Fund                    | 811-05346         |
| Putnam International Equity Fund                  | 811-06190         |
| Putnam VT Global Asset Allocation Fund            | 811-05346         |
| Putnam Tax Free High Yield Fund                   | 811-04345         |
| Putnam Dynamic Asset Allocation Growth Fund       | 811-07121         |
| Putnam Large Cap Value Fund                       | 811-02742         |
| Putnam VT Mortgage Securities Fund                | 811-05346         |
| Putnam VT International Equity Fund               | 811-05346         |
| Putnam Dynamic Asset Allocation Conservative Fund | 811-07121         |
| Putnam California Tax Exempt Income Fund          | 811-03630         |
| Putnam VT International Value Fund                | 811-05346         |
| Putnam Growth Opportunities Fund                  | 811-07237         |
| George Putnam Balanced Fund                       | 811-00058         |
| Putnam Diversified Income Trust                   | 811-05635         |
| Putnam Money Market Fund                          | 811-02608         |
| Putnam International Capital Opportunities Fund   | 811-07237         |
| Putnam VT George Putnam Balanced Fund             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund            | 811-05346         |
| Putnam Pennsylvania Tax Exempt Income Fund        | 811-05802         |
| Putnam VT Small Cap Value Fund                    | 811-05346         |
| Putnam VT Income Fund                             | 811-05346         |
| Putnam Global Income Trust                        | 811-04524         |
| Putnam Sustainable Leaders Fund                   | 811-06128         |
| Putnam Dynamic Asset Allocation Balanced Fund     | 811-07121         |
| Putnam International Value Fund                   | 811-07513         |
| Putnam Global Health Care Fund                    | 811-03386         |
| Putnam Sustainable Future Fund                    | 811-07237         |
| Putnam VT Research Fund                           | 811-05346         |
| Putnam Mortgage Securities Fund                   | 811-03897         |
| Putnam Minnesota Tax Exempt Income Fund           | 811-04527         |
| Putnam VT Diversified Income Fund                 | 811-05346         |
| Putnam VT Sustainable Leaders Fund                | 811-05346         |
| Putnam Strategic Intermediate Municipal Fund      | 811-04345         |
| Putnam Small Cap Value Fund                       | 811-07237         |
| Putnam Massachusetts Tax Exempt Income Fund       | 811-04518         |
| Putnam VT Government Money Market Fund            | 811-05346         |
| Putnam Research Fund                              | 811-07237         |
| Putnam New Jersey Tax Exempt Income Fund          | 811-05977         |
| Putnam VT Global Health Care Fund                 | 811-05346         |
| Putnam VT Focused International Equity Fund       | 811-05346         |
| Putnam Small Cap Growth Fund                      | 811-07513         |
| Putnam VT Growth Opportunities Fund               | 811-05346         |
| Putnam New York Tax Exempt Income Fund            | 811-03741         |
| Putnam VT High Yield Fund                         | 811-05346         |
| Putnam Tax Exempt Income Fund                     | 811-02675         |
| Putnam Convertible Securities Fund                | 811-02280         |
| Putnam Ohio Tax Exempt Income Fund                | 811-04528         |
| Putnam VT Multi-Cap Core Fund                     | 811-05346         |
| Putnam Income Fund                                | 811-00653         |
| Putnam Floating Rate Income Fund                  | 811-07513         |
| Putnam Short Duration Bond Fund                   | 811-07513         |
| Putnam Global Technology Fund                     | 811-07513         |
| Putnam Emerging Markets Equity Fund               | 811-07513         |
| Putnam Fixed Income Absolute Return Fund          | 811-07513         |
| Putnam Multi-Asset Absolute Return Fund           | 811-07513         |
| Putnam Dynamic Asset Allocation Equity Fund       | 811-07513         |
| Putnam Dynamic Risk Allocation Fund               | 811-07513         |
| Putnam Focused Equity Fund                        | 811-07513         |
| Putnam Core Equity Fund                           | 811-07513         |
| Putnam Ultra Short Duration Income Fund           | 811-07513         |
| Putnam Intermediate-Term Municipal Income Fund    | 811-07513         |
| Putnam Government Money Market Fund               | 811-07237         |
| Putnam VT Multi-Asset Absolute Return Fund        | 811-05346         |
| Putnam Mortgage Opportunities Fund                | 811-07513         |
| Putnam PanAgora Risk Parity Fund                  | 811-07237         |
| Putnam Short-Term Municipal Income Fund           | 811-07513         |
| Putnam High Yield Fund                            | 811-04616         |
| Putnam Sustainable Leaders ETF                    | 811-23643         |
| Putnam Focused International Equity Fund          | 811-01403         |
| Putnam Sustainable Future ETF                     | 811-23643         |
| Putnam Focused Large Cap Growth ETF               | 811-23643         |
| Putnam Focused Large Cap Value ETF                | 811-23643         |
| Putnam Multi-Asset Income Fund                    | 811-07121         |
| Putnam BioRevolution ETF                          | 811-23643         |
| Putnam BDC Income ETF                             | 811-23643         |

- **v. Did the Fund draw on the line of credit this period?** No

**Line of Credit details Record: 2**

- **i. Is the line of credit a committed or uncommitted line of credit?** Uncommitted

- **ii. What size is the line of credit?** $235,500,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** State Street Bank and Trust Company

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                      | SEC File number   |
|:---|:---|
| Putnam VT Small Cap Growth Fund                   | 811-05346         |
| Putnam VT Sustainable Future Fund                 | 811-05346         |
| Putnam VT Large Cap Value Fund                    | 811-05346         |
| Putnam International Equity Fund                  | 811-06190         |
| Putnam VT Global Asset Allocation Fund            | 811-05346         |
| Putnam Tax Free High Yield Fund                   | 811-04345         |
| Putnam Dynamic Asset Allocation Growth Fund       | 811-07121         |
| Putnam Large Cap Value Fund                       | 811-02742         |
| Putnam VT Mortgage Securities Fund                | 811-05346         |
| Putnam VT International Equity Fund               | 811-05346         |
| Putnam Dynamic Asset Allocation Conservative Fund | 811-07121         |
| Putnam California Tax Exempt Income Fund          | 811-03630         |
| Putnam VT International Value Fund                | 811-05346         |
| Putnam Growth Opportunities Fund                  | 811-07237         |
| George Putnam Balanced Fund                       | 811-00058         |
| Putnam Diversified Income Trust                   | 811-05635         |
| Putnam Money Market Fund                          | 811-02608         |
| Putnam International Capital Opportunities Fund   | 811-07237         |
| Putnam VT George Putnam Balanced Fund             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund            | 811-05346         |
| Putnam Pennsylvania Tax Exempt Income Fund        | 811-05802         |
| Putnam VT Small Cap Value Fund                    | 811-05346         |
| Putnam VT Income Fund                             | 811-05346         |
| Putnam Global Income Trust                        | 811-04524         |
| Putnam Sustainable Leaders Fund                   | 811-06128         |
| Putnam Dynamic Asset Allocation Balanced Fund     | 811-07121         |
| Putnam International Value Fund                   | 811-07513         |
| Putnam Global Health Care Fund                    | 811-03386         |
| Putnam Sustainable Future Fund                    | 811-07237         |
| Putnam VT Research Fund                           | 811-05346         |
| Putnam Mortgage Securities Fund                   | 811-03897         |
| Putnam Minnesota Tax Exempt Income Fund           | 811-04527         |
| Putnam VT Diversified Income Fund                 | 811-05346         |
| Putnam VT Sustainable Leaders Fund                | 811-05346         |
| Putnam Strategic Intermediate Municipal Fund      | 811-04345         |
| Putnam Small Cap Value Fund                       | 811-07237         |
| Putnam Massachusetts Tax Exempt Income Fund       | 811-04518         |
| Putnam VT Government Money Market Fund            | 811-05346         |
| Putnam Research Fund                              | 811-07237         |
| Putnam New Jersey Tax Exempt Income Fund          | 811-05977         |
| Putnam VT Global Health Care Fund                 | 811-05346         |
| Putnam VT Focused International Equity Fund       | 811-05346         |
| Putnam Small Cap Growth Fund                      | 811-07513         |
| Putnam VT Growth Opportunities Fund               | 811-05346         |
| Putnam New York Tax Exempt Income Fund            | 811-03741         |
| Putnam VT High Yield Fund                         | 811-05346         |
| Putnam Tax Exempt Income Fund                     | 811-02675         |
| Putnam Convertible Securities Fund                | 811-02280         |
| Putnam Ohio Tax Exempt Income Fund                | 811-04528         |
| Putnam VT Multi-Cap Core Fund                     | 811-05346         |
| Putnam Income Fund                                | 811-00653         |
| Putnam Floating Rate Income Fund                  | 811-07513         |
| Putnam Short Duration Bond Fund                   | 811-07513         |
| Putnam Global Technology Fund                     | 811-07513         |
| Putnam Emerging Markets Equity Fund               | 811-07513         |
| Putnam Fixed Income Absolute Return Fund          | 811-07513         |
| Putnam Multi-Asset Absolute Return Fund           | 811-07513         |
| Putnam Dynamic Asset Allocation Equity Fund       | 811-07513         |
| Putnam Dynamic Risk Allocation Fund               | 811-07513         |
| Putnam Focused Equity Fund                        | 811-07513         |
| Putnam Core Equity Fund                           | 811-07513         |
| Putnam Ultra Short Duration Income Fund           | 811-07513         |
| Putnam Intermediate-Term Municipal Income Fund    | 811-07513         |
| Putnam Government Money Market Fund               | 811-07237         |
| Putnam VT Multi-Asset Absolute Return Fund        | 811-05346         |
| Putnam Mortgage Opportunities Fund                | 811-07513         |
| Putnam PanAgora Risk Parity Fund                  | 811-07237         |
| Putnam Short-Term Municipal Income Fund           | 811-07513         |
| Putnam High Yield Fund                            | 811-04616         |
| Putnam Sustainable Leaders ETF                    | 811-23643         |
| Putnam Focused International Equity Fund          | 811-01403         |
| Putnam Sustainable Future ETF                     | 811-23643         |
| Putnam Focused Large Cap Growth ETF               | 811-23643         |
| Putnam Focused Large Cap Value ETF                | 811-23643         |
| Putnam Multi-Asset Income Fund                    | 811-07121         |
| Putnam BioRevolution ETF                          | 811-23643         |
| Putnam BDC Income ETF                             | 811-23643         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 11 - Putnam VT International Equity Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Putnam VT International Equity Fund

- **b. Series identification number, if any:** S000003877

- **c. LEI:** 54930018M6QYQ2Z40165

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 2

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class            | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | PUTNAM VT INTERNATL EQUITY CL IA | C000010849                                | N/A                          |
|                           2 | PUTNAM VT INTERNATL EQUITY CL IB | C000010850                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** Goldman Sachs Bank USA

- **ii. LEI, if any:** KD3XUN7C6T14HNAYLU02

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** The Putnam Advisory Company LLC

- **ii. LEI, if any:** 88LQ6PPLZCCSTCFX1D09

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** No

- **iv. Is the cash collateral manager an affiliated person of the Fund?** Yes

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [ ] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $634,657.00

- **g. Provide the net income from securities lending activities:** $19,430.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 17a-6 (17 CFR 270.17a-6)

- Rule 17a-7 (17 CFR 270.17a-7)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(d)(ii) (17 CFR 270.18f-4(d)(ii))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Putnam Investment Management, LLC

- **ii. SEC file number:** 801-7974

- **iii. CRD number:** 000106629

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Putnam Investments Limited

- **ii. SEC file number:** 801-61441

- **iii. CRD number:** 000122254

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vi. Foreign country, if applicable:** GB

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Sub-adviser Record: 2**

- **i. Full name:** The Putnam Advisory Company, LLC

- **ii. SEC file number:** 801-5097

- **iii. CRD number:** 000106631

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. SEC file number:** 84-06331

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Reuters (equities)

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** ICE Data Services (Corp)

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** State Street Bank and Trust Company

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

No Administrators reported.

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** JPMS - J.P. MORGAN SECURITIES, LLC.

- **ii. SEC file number:** 8-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $41,103.87

**Brokers Record: 2**

- **i. Full name of broker:** UBSW - UBS SECURITIES L.L.C.

- **ii. SEC file number:** 8-22651

- **iii. CRD number:** 000007654

- **iv. LEI, if any:** T6FIZBDPKLYJKFCRVK44

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $20,694.75

**Brokers Record: 3**

- **i. Full name of broker:** CGML - CITIGROUP GLOBAL MARKETS INC

- **ii. SEC file number:** 8-8177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** 6SHGI4ZSSLCXXQSBB395

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $15,072.11

**Brokers Record: 4**

- **i. Full name of broker:** MLCO - BofA Securities, Inc.

- **ii. SEC file number:** 8-7221

- **iii. CRD number:** 000007691

- **iv. LEI, if any:** 549300HN4UKV1E2R3U73

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $13,266.71

**Brokers Record: 5**

- **i. Full name of broker:** CSFB - CREDIT SUISSE SECURITIES (USA), LLC

- **ii. SEC file number:** 8-422

- **iii. CRD number:** 000000816

- **iv. LEI, if any:** 1V8Y6QCX6YMJ2OELII46

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $12,203.48

**Brokers Record: 6**

- **i. Full name of broker:** BCAP - BARCLAYS CAPITAL, INC.

- **ii. SEC file number:** 8-41342

- **iii. CRD number:** 000019714

- **iv. LEI, if any:** AC28XWWI3WIBK2824319

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $9,422.78

**Brokers Record: 7**

- **i. Full name of broker:** REDB - REDBURN (USA) LLC

- **ii. SEC file number:** 8-67320

- **iii. CRD number:** 000140564

- **iv. LEI, if any:** 213800TYRTQILMQQLV79

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $9,249.94

**Brokers Record: 8**

- **i. Full name of broker:** CSI - CREDIT SUISSE INTERNATIONAL

- **ii. SEC file number:** 8-422

- **iii. CRD number:** 000000816

- **iv. LEI, if any:** E58DKGMJYYYJLN8C3868

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $8,723.17

**Brokers Record: 9**

- **i. Full name of broker:** DAWA - DAIWA CAPITAL MARKETS AMERICA INC.

- **ii. SEC file number:** 8-12242

- **iii. CRD number:** 000001576

- **iv. LEI, if any:** M67H5PRC0NQKM73ZAS82

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $6,940.31

**Brokers Record: 10**

- **i. Full name of broker:** MSCO - MORGAN STANLEY & CO. LLC

- **ii. SEC file number:** 8-15869

- **iii. CRD number:** 000008209

- **iv. LEI, if any:** 9R7GPTSO7KV3UQJZQ078

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $6,840.35

**Aggregate Commission:** $171,666.90

**Item C.17.a. Principal transaction counterparties.**

| Name                                         | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| MLCO - BofA Securities, Inc.                 | 8-7221            |    000007691 | 549300HN4UKV1E2R3U73 | NY      | US        | $142,987,752.08           |
| CGMI - CITIGROUP GLOBAL MARKETS INC.         | 8-8177            |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $9,797,000.00             |
| JPMS - J.P. MORGAN SECURITIES, LLC.          | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $8,466,285.71             |
| RBCA - ROYAL BANK OF CANADA                  | 8-45411           |    000031194 | ES7IP3U3RHIGC71XBU11 |  |  | $6,371,000.00             |
| BMOC - BMO CAPITAL MARKETS CORP.             | 8-34344           |    000016686 | RUC0QBLBRPRCU4W1NE59 | NY      | US        | $4,865,873.77             |
| NMRA - NOMURA SECURITIES INTERNATIONAL, INC. | 8-15255           |    000004297 | OXTKY6Q8X53C9ILVV871 | NY      | US        | $2,388,700.49             |
| MSCO - MORGAN STANLEY & CO. LLC              | 8-15869           |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $1,096,272.32             |
| GSCO - GOLDMAN SACHS & CO LLC                | 8-129             |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $714,085.16               |
| CTDL - CITADEL SECURITIES LLC                | 8-53574           |    000116797 | 12UUJYTN7D3SW8KCSG25 | IL      | US        | $599,560.55               |
| PARI - BNP PARIBAS SECURITIES CORP           | 8-32682           |    000015794 | RCNB6OTYUAMMP879YW96 | NY      | US        | $399,656.13               |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $178,505,465.67

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $205,733,336.01

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $100,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** State Street Bank and Trust Company

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                      | SEC File number   |
|:---|:---|
| Putnam VT Small Cap Growth Fund                   | 811-05346         |
| Putnam VT Sustainable Future Fund                 | 811-05346         |
| Putnam VT Large Cap Value Fund                    | 811-05346         |
| Putnam International Equity Fund                  | 811-06190         |
| Putnam VT Global Asset Allocation Fund            | 811-05346         |
| Putnam Tax Free High Yield Fund                   | 811-04345         |
| Putnam Dynamic Asset Allocation Growth Fund       | 811-07121         |
| Putnam Large Cap Value Fund                       | 811-02742         |
| Putnam VT Mortgage Securities Fund                | 811-05346         |
| Putnam VT International Equity Fund               | 811-05346         |
| Putnam Dynamic Asset Allocation Conservative Fund | 811-07121         |
| Putnam California Tax Exempt Income Fund          | 811-03630         |
| Putnam VT International Value Fund                | 811-05346         |
| Putnam Growth Opportunities Fund                  | 811-07237         |
| George Putnam Balanced Fund                       | 811-00058         |
| Putnam Diversified Income Trust                   | 811-05635         |
| Putnam Money Market Fund                          | 811-02608         |
| Putnam International Capital Opportunities Fund   | 811-07237         |
| Putnam VT George Putnam Balanced Fund             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund            | 811-05346         |
| Putnam Pennsylvania Tax Exempt Income Fund        | 811-05802         |
| Putnam VT Small Cap Value Fund                    | 811-05346         |
| Putnam VT Income Fund                             | 811-05346         |
| Putnam Global Income Trust                        | 811-04524         |
| Putnam Sustainable Leaders Fund                   | 811-06128         |
| Putnam Dynamic Asset Allocation Balanced Fund     | 811-07121         |
| Putnam International Value Fund                   | 811-07513         |
| Putnam Global Health Care Fund                    | 811-03386         |
| Putnam Sustainable Future Fund                    | 811-07237         |
| Putnam VT Research Fund                           | 811-05346         |
| Putnam Mortgage Securities Fund                   | 811-03897         |
| Putnam Minnesota Tax Exempt Income Fund           | 811-04527         |
| Putnam VT Diversified Income Fund                 | 811-05346         |
| Putnam VT Sustainable Leaders Fund                | 811-05346         |
| Putnam Strategic Intermediate Municipal Fund      | 811-04345         |
| Putnam Small Cap Value Fund                       | 811-07237         |
| Putnam Massachusetts Tax Exempt Income Fund       | 811-04518         |
| Putnam VT Government Money Market Fund            | 811-05346         |
| Putnam Research Fund                              | 811-07237         |
| Putnam New Jersey Tax Exempt Income Fund          | 811-05977         |
| Putnam VT Global Health Care Fund                 | 811-05346         |
| Putnam VT Focused International Equity Fund       | 811-05346         |
| Putnam Small Cap Growth Fund                      | 811-07513         |
| Putnam VT Growth Opportunities Fund               | 811-05346         |
| Putnam New York Tax Exempt Income Fund            | 811-03741         |
| Putnam VT High Yield Fund                         | 811-05346         |
| Putnam Tax Exempt Income Fund                     | 811-02675         |
| Putnam Convertible Securities Fund                | 811-02280         |
| Putnam Ohio Tax Exempt Income Fund                | 811-04528         |
| Putnam VT Multi-Cap Core Fund                     | 811-05346         |
| Putnam Income Fund                                | 811-00653         |
| Putnam Floating Rate Income Fund                  | 811-07513         |
| Putnam Short Duration Bond Fund                   | 811-07513         |
| Putnam Global Technology Fund                     | 811-07513         |
| Putnam Emerging Markets Equity Fund               | 811-07513         |
| Putnam Fixed Income Absolute Return Fund          | 811-07513         |
| Putnam Multi-Asset Absolute Return Fund           | 811-07513         |
| Putnam Dynamic Asset Allocation Equity Fund       | 811-07513         |
| Putnam Dynamic Risk Allocation Fund               | 811-07513         |
| Putnam Focused Equity Fund                        | 811-07513         |
| Putnam Core Equity Fund                           | 811-07513         |
| Putnam Ultra Short Duration Income Fund           | 811-07513         |
| Putnam Intermediate-Term Municipal Income Fund    | 811-07513         |
| Putnam Government Money Market Fund               | 811-07237         |
| Putnam VT Multi-Asset Absolute Return Fund        | 811-05346         |
| Putnam Mortgage Opportunities Fund                | 811-07513         |
| Putnam PanAgora Risk Parity Fund                  | 811-07237         |
| Putnam Short-Term Municipal Income Fund           | 811-07513         |
| Putnam High Yield Fund                            | 811-04616         |
| Putnam Sustainable Leaders ETF                    | 811-23643         |
| Putnam Focused International Equity Fund          | 811-01403         |
| Putnam Sustainable Future ETF                     | 811-23643         |
| Putnam Focused Large Cap Growth ETF               | 811-23643         |
| Putnam Focused Large Cap Value ETF                | 811-23643         |
| Putnam Multi-Asset Income Fund                    | 811-07121         |
| Putnam BioRevolution ETF                          | 811-23643         |
| Putnam BDC Income ETF                             | 811-23643         |

- **v. Did the Fund draw on the line of credit this period?** No

**Line of Credit details Record: 2**

- **i. Is the line of credit a committed or uncommitted line of credit?** Uncommitted

- **ii. What size is the line of credit?** $235,500,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** State Street Bank and Trust Company

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                      | SEC File number   |
|:---|:---|
| Putnam VT Small Cap Growth Fund                   | 811-05346         |
| Putnam VT Sustainable Future Fund                 | 811-05346         |
| Putnam VT Large Cap Value Fund                    | 811-05346         |
| Putnam International Equity Fund                  | 811-06190         |
| Putnam VT Global Asset Allocation Fund            | 811-05346         |
| Putnam Tax Free High Yield Fund                   | 811-04345         |
| Putnam Dynamic Asset Allocation Growth Fund       | 811-07121         |
| Putnam Large Cap Value Fund                       | 811-02742         |
| Putnam VT Mortgage Securities Fund                | 811-05346         |
| Putnam VT International Equity Fund               | 811-05346         |
| Putnam Dynamic Asset Allocation Conservative Fund | 811-07121         |
| Putnam California Tax Exempt Income Fund          | 811-03630         |
| Putnam VT International Value Fund                | 811-05346         |
| Putnam Growth Opportunities Fund                  | 811-07237         |
| George Putnam Balanced Fund                       | 811-00058         |
| Putnam Diversified Income Trust                   | 811-05635         |
| Putnam Money Market Fund                          | 811-02608         |
| Putnam International Capital Opportunities Fund   | 811-07237         |
| Putnam VT George Putnam Balanced Fund             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund            | 811-05346         |
| Putnam Pennsylvania Tax Exempt Income Fund        | 811-05802         |
| Putnam VT Small Cap Value Fund                    | 811-05346         |
| Putnam VT Income Fund                             | 811-05346         |
| Putnam Global Income Trust                        | 811-04524         |
| Putnam Sustainable Leaders Fund                   | 811-06128         |
| Putnam Dynamic Asset Allocation Balanced Fund     | 811-07121         |
| Putnam International Value Fund                   | 811-07513         |
| Putnam Global Health Care Fund                    | 811-03386         |
| Putnam Sustainable Future Fund                    | 811-07237         |
| Putnam VT Research Fund                           | 811-05346         |
| Putnam Mortgage Securities Fund                   | 811-03897         |
| Putnam Minnesota Tax Exempt Income Fund           | 811-04527         |
| Putnam VT Diversified Income Fund                 | 811-05346         |
| Putnam VT Sustainable Leaders Fund                | 811-05346         |
| Putnam Strategic Intermediate Municipal Fund      | 811-04345         |
| Putnam Small Cap Value Fund                       | 811-07237         |
| Putnam Massachusetts Tax Exempt Income Fund       | 811-04518         |
| Putnam VT Government Money Market Fund            | 811-05346         |
| Putnam Research Fund                              | 811-07237         |
| Putnam New Jersey Tax Exempt Income Fund          | 811-05977         |
| Putnam VT Global Health Care Fund                 | 811-05346         |
| Putnam VT Focused International Equity Fund       | 811-05346         |
| Putnam Small Cap Growth Fund                      | 811-07513         |
| Putnam VT Growth Opportunities Fund               | 811-05346         |
| Putnam New York Tax Exempt Income Fund            | 811-03741         |
| Putnam VT High Yield Fund                         | 811-05346         |
| Putnam Tax Exempt Income Fund                     | 811-02675         |
| Putnam Convertible Securities Fund                | 811-02280         |
| Putnam Ohio Tax Exempt Income Fund                | 811-04528         |
| Putnam VT Multi-Cap Core Fund                     | 811-05346         |
| Putnam Income Fund                                | 811-00653         |
| Putnam Floating Rate Income Fund                  | 811-07513         |
| Putnam Short Duration Bond Fund                   | 811-07513         |
| Putnam Global Technology Fund                     | 811-07513         |
| Putnam Emerging Markets Equity Fund               | 811-07513         |
| Putnam Fixed Income Absolute Return Fund          | 811-07513         |
| Putnam Multi-Asset Absolute Return Fund           | 811-07513         |
| Putnam Dynamic Asset Allocation Equity Fund       | 811-07513         |
| Putnam Dynamic Risk Allocation Fund               | 811-07513         |
| Putnam Focused Equity Fund                        | 811-07513         |
| Putnam Core Equity Fund                           | 811-07513         |
| Putnam Ultra Short Duration Income Fund           | 811-07513         |
| Putnam Intermediate-Term Municipal Income Fund    | 811-07513         |
| Putnam Government Money Market Fund               | 811-07237         |
| Putnam VT Multi-Asset Absolute Return Fund        | 811-05346         |
| Putnam Mortgage Opportunities Fund                | 811-07513         |
| Putnam PanAgora Risk Parity Fund                  | 811-07237         |
| Putnam Short-Term Municipal Income Fund           | 811-07513         |
| Putnam High Yield Fund                            | 811-04616         |
| Putnam Sustainable Leaders ETF                    | 811-23643         |
| Putnam Focused International Equity Fund          | 811-01403         |
| Putnam Sustainable Future ETF                     | 811-23643         |
| Putnam Focused Large Cap Growth ETF               | 811-23643         |
| Putnam Focused Large Cap Value ETF                | 811-23643         |
| Putnam Multi-Asset Income Fund                    | 811-07121         |
| Putnam BioRevolution ETF                          | 811-23643         |
| Putnam BDC Income ETF                             | 811-23643         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 12 - Putnam VT Emerging Markets Equity Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Putnam VT Emerging Markets Equity Fund

- **b. Series identification number, if any:** S000003879

- **c. LEI:** GOCT55GYSZZ8YF31Q617

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 2

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                      | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | PUTNAM VT EMERGING MARKETS EQUITY CLASS IA | C000010853                                | N/A                          |
|                           2 | PUTNAM VT EMERGING MARKETS EQUITY CLASS IB | C000010854                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** Goldman Sachs Bank USA

- **ii. LEI, if any:** KD3XUN7C6T14HNAYLU02

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** The Putnam Advisory Company LLC

- **ii. LEI, if any:** 88LQ6PPLZCCSTCFX1D09

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** No

- **iv. Is the cash collateral manager an affiliated person of the Fund?** Yes

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [ ] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $174,688.00

- **g. Provide the net income from securities lending activities:** $220.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 17a-6 (17 CFR 270.17a-6)

- Rule 17a-7 (17 CFR 270.17a-7)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(d)(ii) (17 CFR 270.18f-4(d)(ii))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Putnam Investment Management, LLC

- **ii. SEC file number:** 801-7974

- **iii. CRD number:** 000106629

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Putnam Investments Limited

- **ii. SEC file number:** 801-61441

- **iii. CRD number:** 000122254

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vi. Foreign country, if applicable:** GB

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Sub-adviser Record: 2**

- **i. Full name:** The Putnam Advisory Company, LLC

- **ii. SEC file number:** 801-5097

- **iii. CRD number:** 000106631

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. SEC file number:** 84-06331

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Reuters (equities)

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** ICE Data Services (Corp)

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** State Street Bank and Trust Company

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

No Administrators reported.

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** MLCO - BofA Securities, Inc.

- **ii. SEC file number:** 8-7221

- **iii. CRD number:** 000007691

- **iv. LEI, if any:** 549300HN4UKV1E2R3U73

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $19,394.86

**Brokers Record: 2**

- **i. Full name of broker:** JPMS - J.P. MORGAN SECURITIES, LLC.

- **ii. SEC file number:** 8-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $16,197.64

**Brokers Record: 3**

- **i. Full name of broker:** UBSW - UBS SECURITIES L.L.C.

- **ii. SEC file number:** 8-22651

- **iii. CRD number:** 000007654

- **iv. LEI, if any:** T6FIZBDPKLYJKFCRVK44

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $11,849.81

**Brokers Record: 4**

- **i. Full name of broker:** GSCO - GOLDMAN SACHS & CO LLC

- **ii. SEC file number:** 8-129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $9,893.40

**Brokers Record: 5**

- **i. Full name of broker:** CSFB - CREDIT SUISSE SECURITIES (USA), LLC

- **ii. SEC file number:** 8-422

- **iii. CRD number:** 000000816

- **iv. LEI, if any:** 1V8Y6QCX6YMJ2OELII46

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $7,787.71

**Brokers Record: 6**

- **i. Full name of broker:** CGML - CITIGROUP GLOBAL MARKETS INC

- **ii. SEC file number:** 8-8177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** 6SHGI4ZSSLCXXQSBB395

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $7,034.03

**Brokers Record: 7**

- **i. Full name of broker:** MSCO - MORGAN STANLEY & CO. LLC

- **ii. SEC file number:** 8-15869

- **iii. CRD number:** 000008209

- **iv. LEI, if any:** 9R7GPTSO7KV3UQJZQ078

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $6,554.30

**Brokers Record: 8**

- **i. Full name of broker:** MSUS - MACQUARIE CAPITAL (USA) INC

- **ii. SEC file number:** 8-47198

- **iii. CRD number:** 000036368

- **iv. LEI, if any:** 549300670K07JRB5UQ40

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $5,141.24

**Brokers Record: 9**

- **i. Full name of broker:** CLSA - CLSA LIMITED

- **ii. SEC file number:** 8-69166

- **iii. CRD number:** 000165533

- **iv. LEI, if any:** 213800CF5G9GRZD2RV79

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,411.32

**Brokers Record: 10**

- **i. Full name of broker:** HSBCP - HSBC BANK PLC

- **ii. SEC file number:** 8-41562

- **iii. CRD number:** 000019585

- **iv. LEI, if any:** MP6I5ZYZBEU3UXPYFY54

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,201.13

**Aggregate Commission:** $95,819.46

**Item C.17.a. Principal transaction counterparties.**

| Name                                 | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| MLCO - BofA Securities, Inc.         | 8-7221            |    000007691 | 549300HN4UKV1E2R3U73 | NY      | US        | $42,062,000.00            |
| CGMI - CITIGROUP GLOBAL MARKETS INC. | 8-8177            |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $3,637,000.00             |
| JPMS - J.P. MORGAN SECURITIES, LLC.  | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $2,726,000.00             |
| WCHV - WELLS FARGO SECURITIES, LLC   | 8-65876           |    000126292 | VYVVCKR63DVZZN70PB21 | NC      | US        | $199,749.83               |
| BANKAM - BANK OF AMERICA, N.A.       | 8-7221            |    000007691 | B4TYDEB6GKMZO031MB27 | NY      | US        | $602.47                   |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $48,625,352.30

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $24,367,797.20

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $100,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** State Street Bank and Trust Company

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                      | SEC File number   |
|:---|:---|
| Putnam VT Small Cap Growth Fund                   | 811-05346         |
| Putnam VT Sustainable Future Fund                 | 811-05346         |
| Putnam VT Large Cap Value Fund                    | 811-05346         |
| Putnam International Equity Fund                  | 811-06190         |
| Putnam VT Global Asset Allocation Fund            | 811-05346         |
| Putnam Tax Free High Yield Fund                   | 811-04345         |
| Putnam Dynamic Asset Allocation Growth Fund       | 811-07121         |
| Putnam Large Cap Value Fund                       | 811-02742         |
| Putnam VT Mortgage Securities Fund                | 811-05346         |
| Putnam VT International Equity Fund               | 811-05346         |
| Putnam Dynamic Asset Allocation Conservative Fund | 811-07121         |
| Putnam California Tax Exempt Income Fund          | 811-03630         |
| Putnam VT International Value Fund                | 811-05346         |
| Putnam Growth Opportunities Fund                  | 811-07237         |
| George Putnam Balanced Fund                       | 811-00058         |
| Putnam Diversified Income Trust                   | 811-05635         |
| Putnam Money Market Fund                          | 811-02608         |
| Putnam International Capital Opportunities Fund   | 811-07237         |
| Putnam VT George Putnam Balanced Fund             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund            | 811-05346         |
| Putnam Pennsylvania Tax Exempt Income Fund        | 811-05802         |
| Putnam VT Small Cap Value Fund                    | 811-05346         |
| Putnam VT Income Fund                             | 811-05346         |
| Putnam Global Income Trust                        | 811-04524         |
| Putnam Sustainable Leaders Fund                   | 811-06128         |
| Putnam Dynamic Asset Allocation Balanced Fund     | 811-07121         |
| Putnam International Value Fund                   | 811-07513         |
| Putnam Global Health Care Fund                    | 811-03386         |
| Putnam Sustainable Future Fund                    | 811-07237         |
| Putnam VT Research Fund                           | 811-05346         |
| Putnam Mortgage Securities Fund                   | 811-03897         |
| Putnam Minnesota Tax Exempt Income Fund           | 811-04527         |
| Putnam VT Diversified Income Fund                 | 811-05346         |
| Putnam VT Sustainable Leaders Fund                | 811-05346         |
| Putnam Strategic Intermediate Municipal Fund      | 811-04345         |
| Putnam Small Cap Value Fund                       | 811-07237         |
| Putnam Massachusetts Tax Exempt Income Fund       | 811-04518         |
| Putnam VT Government Money Market Fund            | 811-05346         |
| Putnam Research Fund                              | 811-07237         |
| Putnam New Jersey Tax Exempt Income Fund          | 811-05977         |
| Putnam VT Global Health Care Fund                 | 811-05346         |
| Putnam VT Focused International Equity Fund       | 811-05346         |
| Putnam Small Cap Growth Fund                      | 811-07513         |
| Putnam VT Growth Opportunities Fund               | 811-05346         |
| Putnam New York Tax Exempt Income Fund            | 811-03741         |
| Putnam VT High Yield Fund                         | 811-05346         |
| Putnam Tax Exempt Income Fund                     | 811-02675         |
| Putnam Convertible Securities Fund                | 811-02280         |
| Putnam Ohio Tax Exempt Income Fund                | 811-04528         |
| Putnam VT Multi-Cap Core Fund                     | 811-05346         |
| Putnam Income Fund                                | 811-00653         |
| Putnam Floating Rate Income Fund                  | 811-07513         |
| Putnam Short Duration Bond Fund                   | 811-07513         |
| Putnam Global Technology Fund                     | 811-07513         |
| Putnam Emerging Markets Equity Fund               | 811-07513         |
| Putnam Fixed Income Absolute Return Fund          | 811-07513         |
| Putnam Multi-Asset Absolute Return Fund           | 811-07513         |
| Putnam Dynamic Asset Allocation Equity Fund       | 811-07513         |
| Putnam Dynamic Risk Allocation Fund               | 811-07513         |
| Putnam Focused Equity Fund                        | 811-07513         |
| Putnam Core Equity Fund                           | 811-07513         |
| Putnam Ultra Short Duration Income Fund           | 811-07513         |
| Putnam Intermediate-Term Municipal Income Fund    | 811-07513         |
| Putnam Government Money Market Fund               | 811-07237         |
| Putnam VT Multi-Asset Absolute Return Fund        | 811-05346         |
| Putnam Mortgage Opportunities Fund                | 811-07513         |
| Putnam PanAgora Risk Parity Fund                  | 811-07237         |
| Putnam Short-Term Municipal Income Fund           | 811-07513         |
| Putnam High Yield Fund                            | 811-04616         |
| Putnam Sustainable Leaders ETF                    | 811-23643         |
| Putnam Focused International Equity Fund          | 811-01403         |
| Putnam Sustainable Future ETF                     | 811-23643         |
| Putnam Focused Large Cap Growth ETF               | 811-23643         |
| Putnam Focused Large Cap Value ETF                | 811-23643         |
| Putnam Multi-Asset Income Fund                    | 811-07121         |
| Putnam BioRevolution ETF                          | 811-23643         |
| Putnam BDC Income ETF                             | 811-23643         |

- **v. Did the Fund draw on the line of credit this period?** No

**Line of Credit details Record: 2**

- **i. Is the line of credit a committed or uncommitted line of credit?** Uncommitted

- **ii. What size is the line of credit?** $235,500,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** State Street Bank and Trust Company

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                      | SEC File number   |
|:---|:---|
| Putnam VT Small Cap Growth Fund                   | 811-05346         |
| Putnam VT Sustainable Future Fund                 | 811-05346         |
| Putnam VT Large Cap Value Fund                    | 811-05346         |
| Putnam International Equity Fund                  | 811-06190         |
| Putnam VT Global Asset Allocation Fund            | 811-05346         |
| Putnam Tax Free High Yield Fund                   | 811-04345         |
| Putnam Dynamic Asset Allocation Growth Fund       | 811-07121         |
| Putnam Large Cap Value Fund                       | 811-02742         |
| Putnam VT Mortgage Securities Fund                | 811-05346         |
| Putnam VT International Equity Fund               | 811-05346         |
| Putnam Dynamic Asset Allocation Conservative Fund | 811-07121         |
| Putnam California Tax Exempt Income Fund          | 811-03630         |
| Putnam VT International Value Fund                | 811-05346         |
| Putnam Growth Opportunities Fund                  | 811-07237         |
| George Putnam Balanced Fund                       | 811-00058         |
| Putnam Diversified Income Trust                   | 811-05635         |
| Putnam Money Market Fund                          | 811-02608         |
| Putnam International Capital Opportunities Fund   | 811-07237         |
| Putnam VT George Putnam Balanced Fund             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund            | 811-05346         |
| Putnam Pennsylvania Tax Exempt Income Fund        | 811-05802         |
| Putnam VT Small Cap Value Fund                    | 811-05346         |
| Putnam VT Income Fund                             | 811-05346         |
| Putnam Global Income Trust                        | 811-04524         |
| Putnam Sustainable Leaders Fund                   | 811-06128         |
| Putnam Dynamic Asset Allocation Balanced Fund     | 811-07121         |
| Putnam International Value Fund                   | 811-07513         |
| Putnam Global Health Care Fund                    | 811-03386         |
| Putnam Sustainable Future Fund                    | 811-07237         |
| Putnam VT Research Fund                           | 811-05346         |
| Putnam Mortgage Securities Fund                   | 811-03897         |
| Putnam Minnesota Tax Exempt Income Fund           | 811-04527         |
| Putnam VT Diversified Income Fund                 | 811-05346         |
| Putnam VT Sustainable Leaders Fund                | 811-05346         |
| Putnam Strategic Intermediate Municipal Fund      | 811-04345         |
| Putnam Small Cap Value Fund                       | 811-07237         |
| Putnam Massachusetts Tax Exempt Income Fund       | 811-04518         |
| Putnam VT Government Money Market Fund            | 811-05346         |
| Putnam Research Fund                              | 811-07237         |
| Putnam New Jersey Tax Exempt Income Fund          | 811-05977         |
| Putnam VT Global Health Care Fund                 | 811-05346         |
| Putnam VT Focused International Equity Fund       | 811-05346         |
| Putnam Small Cap Growth Fund                      | 811-07513         |
| Putnam VT Growth Opportunities Fund               | 811-05346         |
| Putnam New York Tax Exempt Income Fund            | 811-03741         |
| Putnam VT High Yield Fund                         | 811-05346         |
| Putnam Tax Exempt Income Fund                     | 811-02675         |
| Putnam Convertible Securities Fund                | 811-02280         |
| Putnam Ohio Tax Exempt Income Fund                | 811-04528         |
| Putnam VT Multi-Cap Core Fund                     | 811-05346         |
| Putnam Income Fund                                | 811-00653         |
| Putnam Floating Rate Income Fund                  | 811-07513         |
| Putnam Short Duration Bond Fund                   | 811-07513         |
| Putnam Global Technology Fund                     | 811-07513         |
| Putnam Emerging Markets Equity Fund               | 811-07513         |
| Putnam Fixed Income Absolute Return Fund          | 811-07513         |
| Putnam Multi-Asset Absolute Return Fund           | 811-07513         |
| Putnam Dynamic Asset Allocation Equity Fund       | 811-07513         |
| Putnam Dynamic Risk Allocation Fund               | 811-07513         |
| Putnam Focused Equity Fund                        | 811-07513         |
| Putnam Core Equity Fund                           | 811-07513         |
| Putnam Ultra Short Duration Income Fund           | 811-07513         |
| Putnam Intermediate-Term Municipal Income Fund    | 811-07513         |
| Putnam Government Money Market Fund               | 811-07237         |
| Putnam VT Multi-Asset Absolute Return Fund        | 811-05346         |
| Putnam Mortgage Opportunities Fund                | 811-07513         |
| Putnam PanAgora Risk Parity Fund                  | 811-07237         |
| Putnam Short-Term Municipal Income Fund           | 811-07513         |
| Putnam High Yield Fund                            | 811-04616         |
| Putnam Sustainable Leaders ETF                    | 811-23643         |
| Putnam Focused International Equity Fund          | 811-01403         |
| Putnam Sustainable Future ETF                     | 811-23643         |
| Putnam Focused Large Cap Growth ETF               | 811-23643         |
| Putnam Focused Large Cap Value ETF                | 811-23643         |
| Putnam Multi-Asset Income Fund                    | 811-07121         |
| Putnam BioRevolution ETF                          | 811-23643         |
| Putnam BDC Income ETF                             | 811-23643         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 13 - Putnam VT Multi-Cap Core Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Putnam VT Multi-Cap Core Fund

- **b. Series identification number, if any:** S000003880

- **c. LEI:** 4G7DKLYVENKNDL7R6F33

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 2

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class               | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | PUTNAM VT MULTI-CAP CORE FUND CL IA | C000010855                                | N/A                          |
|                           2 | PUTNAM VT MULTI-CAP CORE FUND CL IB | C000010856                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** Goldman Sachs Bank USA

- **ii. LEI, if any:** KD3XUN7C6T14HNAYLU02

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** The Putnam Advisory Company LLC

- **ii. LEI, if any:** 88LQ6PPLZCCSTCFX1D09

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** No

- **iv. Is the cash collateral manager an affiliated person of the Fund?** Yes

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [ ] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $2,136,992.00

- **g. Provide the net income from securities lending activities:** $4,622.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 17a-6 (17 CFR 270.17a-6)

- Rule 17a-7 (17 CFR 270.17a-7)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

- Rule 18f-4(d)(i) (17 CFR 270.18f-4(d)(i))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Putnam Investment Management, LLC

- **ii. SEC file number:** 801-7974

- **iii. CRD number:** 000106629

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Putnam Investments Limited

- **ii. SEC file number:** 801-61441

- **iii. CRD number:** 000122254

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vi. Foreign country, if applicable:** GB

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. SEC file number:** 84-06331

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Reuters (equities)

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** ICE Data Services (Convert)

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Reuters

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** ICE Data Services (Corp)

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** State Street Bank and Trust Company

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

No Administrators reported.

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** JPMS - J.P. MORGAN SECURITIES, LLC.

- **ii. SEC file number:** 8-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $17,271.15

**Brokers Record: 2**

- **i. Full name of broker:** BCAP - BARCLAYS CAPITAL, INC.

- **ii. SEC file number:** 8-41342

- **iii. CRD number:** 000019714

- **iv. LEI, if any:** AC28XWWI3WIBK2824319

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $8,019.96

**Brokers Record: 3**

- **i. Full name of broker:** CGML - CITIGROUP GLOBAL MARKETS INC

- **ii. SEC file number:** 8-8177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** 6SHGI4ZSSLCXXQSBB395

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $4,663.39

**Brokers Record: 4**

- **i. Full name of broker:** PIJF - PIPER JAFFRAY & CO. (formerly WEEDEN & CO. L.P.)

- **ii. SEC file number:** 8-15204

- **iii. CRD number:** 000000665

- **iv. LEI, if any:** QUQDBTUSOAKFEVMRMF78

- **v. State, if applicable:** MN

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,451.36

**Brokers Record: 5**

- **i. Full name of broker:** UBSW - UBS SECURITIES L.L.C.

- **ii. SEC file number:** 8-22651

- **iii. CRD number:** 000007654

- **iv. LEI, if any:** T6FIZBDPKLYJKFCRVK44

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,564.53

**Brokers Record: 6**

- **i. Full name of broker:** MLCO - BofA Securities, Inc.

- **ii. SEC file number:** 8-7221

- **iii. CRD number:** 000007691

- **iv. LEI, if any:** 549300HN4UKV1E2R3U73

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,648.12

**Brokers Record: 7**

- **i. Full name of broker:** CSFB - CREDIT SUISSE SECURITIES (USA), LLC

- **ii. SEC file number:** 8-422

- **iii. CRD number:** 000000816

- **iv. LEI, if any:** 1V8Y6QCX6YMJ2OELII46

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,353.40

**Brokers Record: 8**

- **i. Full name of broker:** GSCO - GOLDMAN SACHS & CO LLC

- **ii. SEC file number:** 8-129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,254.17

**Brokers Record: 9**

- **i. Full name of broker:** RBCD - RBC CAPITAL MARKETS LLC

- **ii. SEC file number:** 8-45411

- **iii. CRD number:** 000031194

- **iv. LEI, if any:** 549300LCO2FLSSVFFR64

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $956.98

**Brokers Record: 10**

- **i. Full name of broker:** RAJA - RAYMOND JAMES & ASSOCIATES, INC.

- **ii. SEC file number:** 8-10999

- **iii. CRD number:** 000000705

- **iv. LEI, if any:** U4ONQX15J3RO8XCKE979

- **v. State, if applicable:** FL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $884.25

**Aggregate Commission:** $44,696.02

**Item C.17.a. Principal transaction counterparties.**

| Name                                         | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| MLCO - BofA Securities, Inc.                 | 8-7221            |    000007691 | 549300HN4UKV1E2R3U73 | NY      | US        | $12,360,934.44            |
| JPMS - J.P. MORGAN SECURITIES, LLC.          | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $1,589,016.21             |
| CGMI - CITIGROUP GLOBAL MARKETS INC.         | 8-8177            |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $1,325,000.00             |
| BMOC - BMO CAPITAL MARKETS CORP.             | 8-34344           |    000016686 | RUC0QBLBRPRCU4W1NE59 | NY      | US        | $1,149,385.27             |
| CITI - CITIBANK, N.A.                        | 8-8177            |    000007059 | E57ODZWZ7FF32TWEFA76 | FL      | US        | $896,129.79               |
| NMRA - NOMURA SECURITIES INTERNATIONAL, INC. | 8-15255           |    000004297 | OXTKY6Q8X53C9ILVV871 | NY      | US        | $643,971.71               |
| GSCO - GOLDMAN SACHS & CO LLC                | 8-129             |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $486,194.79               |
| CSFB - CREDIT SUISSE SECURITIES (USA), LLC   | 8-422             |    000000816 | 1V8Y6QCX6YMJ2OELII46 | NY      | US        | $131,951.00               |
| MSCO - MORGAN STANLEY & CO. LLC              | 8-15869           |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $99,944.26                |
| CTDL - CITADEL SECURITIES LLC                | 8-53574           |    000116797 | 12UUJYTN7D3SW8KCSG25 | IL      | US        | $99,935.35                |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $18,814,279.66

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $145,171,240.10

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $100,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** State Street Bank and Trust Company

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                      | SEC File number   |
|:---|:---|
| Putnam VT Small Cap Growth Fund                   | 811-05346         |
| Putnam VT Sustainable Future Fund                 | 811-05346         |
| Putnam VT Large Cap Value Fund                    | 811-05346         |
| Putnam International Equity Fund                  | 811-06190         |
| Putnam VT Global Asset Allocation Fund            | 811-05346         |
| Putnam Tax Free High Yield Fund                   | 811-04345         |
| Putnam Dynamic Asset Allocation Growth Fund       | 811-07121         |
| Putnam Large Cap Value Fund                       | 811-02742         |
| Putnam VT Mortgage Securities Fund                | 811-05346         |
| Putnam VT International Equity Fund               | 811-05346         |
| Putnam Dynamic Asset Allocation Conservative Fund | 811-07121         |
| Putnam California Tax Exempt Income Fund          | 811-03630         |
| Putnam VT International Value Fund                | 811-05346         |
| Putnam Growth Opportunities Fund                  | 811-07237         |
| George Putnam Balanced Fund                       | 811-00058         |
| Putnam Diversified Income Trust                   | 811-05635         |
| Putnam Money Market Fund                          | 811-02608         |
| Putnam International Capital Opportunities Fund   | 811-07237         |
| Putnam VT George Putnam Balanced Fund             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund            | 811-05346         |
| Putnam Pennsylvania Tax Exempt Income Fund        | 811-05802         |
| Putnam VT Small Cap Value Fund                    | 811-05346         |
| Putnam VT Income Fund                             | 811-05346         |
| Putnam Global Income Trust                        | 811-04524         |
| Putnam Sustainable Leaders Fund                   | 811-06128         |
| Putnam Dynamic Asset Allocation Balanced Fund     | 811-07121         |
| Putnam International Value Fund                   | 811-07513         |
| Putnam Global Health Care Fund                    | 811-03386         |
| Putnam Sustainable Future Fund                    | 811-07237         |
| Putnam VT Research Fund                           | 811-05346         |
| Putnam Mortgage Securities Fund                   | 811-03897         |
| Putnam Minnesota Tax Exempt Income Fund           | 811-04527         |
| Putnam VT Diversified Income Fund                 | 811-05346         |
| Putnam VT Sustainable Leaders Fund                | 811-05346         |
| Putnam Strategic Intermediate Municipal Fund      | 811-04345         |
| Putnam Small Cap Value Fund                       | 811-07237         |
| Putnam Massachusetts Tax Exempt Income Fund       | 811-04518         |
| Putnam VT Government Money Market Fund            | 811-05346         |
| Putnam Research Fund                              | 811-07237         |
| Putnam New Jersey Tax Exempt Income Fund          | 811-05977         |
| Putnam VT Global Health Care Fund                 | 811-05346         |
| Putnam VT Focused International Equity Fund       | 811-05346         |
| Putnam Small Cap Growth Fund                      | 811-07513         |
| Putnam VT Growth Opportunities Fund               | 811-05346         |
| Putnam New York Tax Exempt Income Fund            | 811-03741         |
| Putnam VT High Yield Fund                         | 811-05346         |
| Putnam Tax Exempt Income Fund                     | 811-02675         |
| Putnam Convertible Securities Fund                | 811-02280         |
| Putnam Ohio Tax Exempt Income Fund                | 811-04528         |
| Putnam VT Multi-Cap Core Fund                     | 811-05346         |
| Putnam Income Fund                                | 811-00653         |
| Putnam Floating Rate Income Fund                  | 811-07513         |
| Putnam Short Duration Bond Fund                   | 811-07513         |
| Putnam Global Technology Fund                     | 811-07513         |
| Putnam Emerging Markets Equity Fund               | 811-07513         |
| Putnam Fixed Income Absolute Return Fund          | 811-07513         |
| Putnam Multi-Asset Absolute Return Fund           | 811-07513         |
| Putnam Dynamic Asset Allocation Equity Fund       | 811-07513         |
| Putnam Dynamic Risk Allocation Fund               | 811-07513         |
| Putnam Focused Equity Fund                        | 811-07513         |
| Putnam Core Equity Fund                           | 811-07513         |
| Putnam Ultra Short Duration Income Fund           | 811-07513         |
| Putnam Intermediate-Term Municipal Income Fund    | 811-07513         |
| Putnam Government Money Market Fund               | 811-07237         |
| Putnam VT Multi-Asset Absolute Return Fund        | 811-05346         |
| Putnam Mortgage Opportunities Fund                | 811-07513         |
| Putnam PanAgora Risk Parity Fund                  | 811-07237         |
| Putnam Short-Term Municipal Income Fund           | 811-07513         |
| Putnam High Yield Fund                            | 811-04616         |
| Putnam Sustainable Leaders ETF                    | 811-23643         |
| Putnam Focused International Equity Fund          | 811-01403         |
| Putnam Sustainable Future ETF                     | 811-23643         |
| Putnam Focused Large Cap Growth ETF               | 811-23643         |
| Putnam Focused Large Cap Value ETF                | 811-23643         |
| Putnam Multi-Asset Income Fund                    | 811-07121         |
| Putnam BioRevolution ETF                          | 811-23643         |
| Putnam BDC Income ETF                             | 811-23643         |

- **v. Did the Fund draw on the line of credit this period?** No

**Line of Credit details Record: 2**

- **i. Is the line of credit a committed or uncommitted line of credit?** Uncommitted

- **ii. What size is the line of credit?** $235,500,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** State Street Bank and Trust Company

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                      | SEC File number   |
|:---|:---|
| Putnam VT Small Cap Growth Fund                   | 811-05346         |
| Putnam VT Sustainable Future Fund                 | 811-05346         |
| Putnam VT Large Cap Value Fund                    | 811-05346         |
| Putnam International Equity Fund                  | 811-06190         |
| Putnam VT Global Asset Allocation Fund            | 811-05346         |
| Putnam Tax Free High Yield Fund                   | 811-04345         |
| Putnam Dynamic Asset Allocation Growth Fund       | 811-07121         |
| Putnam Large Cap Value Fund                       | 811-02742         |
| Putnam VT Mortgage Securities Fund                | 811-05346         |
| Putnam VT International Equity Fund               | 811-05346         |
| Putnam Dynamic Asset Allocation Conservative Fund | 811-07121         |
| Putnam California Tax Exempt Income Fund          | 811-03630         |
| Putnam VT International Value Fund                | 811-05346         |
| Putnam Growth Opportunities Fund                  | 811-07237         |
| George Putnam Balanced Fund                       | 811-00058         |
| Putnam Diversified Income Trust                   | 811-05635         |
| Putnam Money Market Fund                          | 811-02608         |
| Putnam International Capital Opportunities Fund   | 811-07237         |
| Putnam VT George Putnam Balanced Fund             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund            | 811-05346         |
| Putnam Pennsylvania Tax Exempt Income Fund        | 811-05802         |
| Putnam VT Small Cap Value Fund                    | 811-05346         |
| Putnam VT Income Fund                             | 811-05346         |
| Putnam Global Income Trust                        | 811-04524         |
| Putnam Sustainable Leaders Fund                   | 811-06128         |
| Putnam Dynamic Asset Allocation Balanced Fund     | 811-07121         |
| Putnam International Value Fund                   | 811-07513         |
| Putnam Global Health Care Fund                    | 811-03386         |
| Putnam Sustainable Future Fund                    | 811-07237         |
| Putnam VT Research Fund                           | 811-05346         |
| Putnam Mortgage Securities Fund                   | 811-03897         |
| Putnam Minnesota Tax Exempt Income Fund           | 811-04527         |
| Putnam VT Diversified Income Fund                 | 811-05346         |
| Putnam VT Sustainable Leaders Fund                | 811-05346         |
| Putnam Strategic Intermediate Municipal Fund      | 811-04345         |
| Putnam Small Cap Value Fund                       | 811-07237         |
| Putnam Massachusetts Tax Exempt Income Fund       | 811-04518         |
| Putnam VT Government Money Market Fund            | 811-05346         |
| Putnam Research Fund                              | 811-07237         |
| Putnam New Jersey Tax Exempt Income Fund          | 811-05977         |
| Putnam VT Global Health Care Fund                 | 811-05346         |
| Putnam VT Focused International Equity Fund       | 811-05346         |
| Putnam Small Cap Growth Fund                      | 811-07513         |
| Putnam VT Growth Opportunities Fund               | 811-05346         |
| Putnam New York Tax Exempt Income Fund            | 811-03741         |
| Putnam VT High Yield Fund                         | 811-05346         |
| Putnam Tax Exempt Income Fund                     | 811-02675         |
| Putnam Convertible Securities Fund                | 811-02280         |
| Putnam Ohio Tax Exempt Income Fund                | 811-04528         |
| Putnam VT Multi-Cap Core Fund                     | 811-05346         |
| Putnam Income Fund                                | 811-00653         |
| Putnam Floating Rate Income Fund                  | 811-07513         |
| Putnam Short Duration Bond Fund                   | 811-07513         |
| Putnam Global Technology Fund                     | 811-07513         |
| Putnam Emerging Markets Equity Fund               | 811-07513         |
| Putnam Fixed Income Absolute Return Fund          | 811-07513         |
| Putnam Multi-Asset Absolute Return Fund           | 811-07513         |
| Putnam Dynamic Asset Allocation Equity Fund       | 811-07513         |
| Putnam Dynamic Risk Allocation Fund               | 811-07513         |
| Putnam Focused Equity Fund                        | 811-07513         |
| Putnam Core Equity Fund                           | 811-07513         |
| Putnam Ultra Short Duration Income Fund           | 811-07513         |
| Putnam Intermediate-Term Municipal Income Fund    | 811-07513         |
| Putnam Government Money Market Fund               | 811-07237         |
| Putnam VT Multi-Asset Absolute Return Fund        | 811-05346         |
| Putnam Mortgage Opportunities Fund                | 811-07513         |
| Putnam PanAgora Risk Parity Fund                  | 811-07237         |
| Putnam Short-Term Municipal Income Fund           | 811-07513         |
| Putnam High Yield Fund                            | 811-04616         |
| Putnam Sustainable Leaders ETF                    | 811-23643         |
| Putnam Focused International Equity Fund          | 811-01403         |
| Putnam Sustainable Future ETF                     | 811-23643         |
| Putnam Focused Large Cap Growth ETF               | 811-23643         |
| Putnam Focused Large Cap Value ETF                | 811-23643         |
| Putnam Multi-Asset Income Fund                    | 811-07121         |
| Putnam BioRevolution ETF                          | 811-23643         |
| Putnam BDC Income ETF                             | 811-23643         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 14 - Putnam VT George Putnam Balanced Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Putnam VT George Putnam Balanced Fund

- **b. Series identification number, if any:** S000003895

- **c. LEI:** MEM8REXDOEBLU02UY840

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 2

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                  | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | VT GEORGE PUTNAM BALANCED FUND - CL IA | C000010885                                | N/A                          |
|                           2 | VT GEORGE PUTNAM BALANCED FUND - CL IB | C000010886                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** Goldman Sachs Bank USA

- **ii. LEI, if any:** KD3XUN7C6T14HNAYLU02

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** The Putnam Advisory Company LLC

- **ii. LEI, if any:** 88LQ6PPLZCCSTCFX1D09

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** No

- **iv. Is the cash collateral manager an affiliated person of the Fund?** Yes

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [ ] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $2,302,706.00

- **g. Provide the net income from securities lending activities:** $5,749.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 17a-6 (17 CFR 270.17a-6)

- Rule 17a-7 (17 CFR 270.17a-7)

- Rule 18f-4 (17 CFR 270.18f-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Putnam Investment Management, LLC

- **ii. SEC file number:** 801-7974

- **iii. CRD number:** 000106629

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Putnam Investments Limited

- **ii. SEC file number:** 801-61441

- **iii. CRD number:** 000122254

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vi. Foreign country, if applicable:** GB

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. SEC file number:** 84-06331

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Services (Corp)

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Reuters

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Reuters (Corp)

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** ICE Data Services (Muni)

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 5**

- **i. Full name:** Reuters (equities)

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 6**

- **i. Full name:** PRICESERVE

- **ii. LEI, if any, or provide and describe other identifying number:** 54930015EWCI4VNCZP82

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 7**

- **i. Full name:** JPM Pricing Direct

- **ii. LEI, if any, or provide and describe other identifying number:** 549300WIC0TOJ7N7GD54

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** State Street Bank and Trust Company

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

No Administrators reported.

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** CGML - CITIGROUP GLOBAL MARKETS INC

- **ii. SEC file number:** 8-8177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** 6SHGI4ZSSLCXXQSBB395

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $9,079.88

**Brokers Record: 2**

- **i. Full name of broker:** JPMS - J.P. MORGAN SECURITIES, LLC.

- **ii. SEC file number:** 8-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $6,734.45

**Brokers Record: 3**

- **i. Full name of broker:** GSCO - GOLDMAN SACHS & CO LLC

- **ii. SEC file number:** 8-129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $5,864.58

**Brokers Record: 4**

- **i. Full name of broker:** UBSW - UBS SECURITIES L.L.C.

- **ii. SEC file number:** 8-22651

- **iii. CRD number:** 000007654

- **iv. LEI, if any:** T6FIZBDPKLYJKFCRVK44

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $5,551.08

**Brokers Record: 5**

- **i. Full name of broker:** RBCD - RBC CAPITAL MARKETS LLC

- **ii. SEC file number:** 8-45411

- **iii. CRD number:** 000031194

- **iv. LEI, if any:** 549300LCO2FLSSVFFR64

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $4,904.47

**Brokers Record: 6**

- **i. Full name of broker:** NITE - VIRTU AMERICAS, LLC

- **ii. SEC file number:** 8-68193

- **iii. CRD number:** 000149823

- **iv. LEI, if any:** 549300RA02N3BNSWBV74

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,537.13

**Brokers Record: 7**

- **i. Full name of broker:** MLCO - BofA Securities, Inc.

- **ii. SEC file number:** 8-7221

- **iii. CRD number:** 000007691

- **iv. LEI, if any:** 549300HN4UKV1E2R3U73

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,705.15

**Brokers Record: 8**

- **i. Full name of broker:** CSFB - CREDIT SUISSE SECURITIES (USA), LLC

- **ii. SEC file number:** 8-422

- **iii. CRD number:** 000000816

- **iv. LEI, if any:** 1V8Y6QCX6YMJ2OELII46

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,686.94

**Brokers Record: 9**

- **i. Full name of broker:** BCAP - BARCLAYS CAPITAL, INC.

- **ii. SEC file number:** 8-41342

- **iii. CRD number:** 000019714

- **iv. LEI, if any:** AC28XWWI3WIBK2824319

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,356.50

**Brokers Record: 10**

- **i. Full name of broker:** JONE - JONESTRADING

- **ii. SEC file number:** 8-26089

- **iii. CRD number:** 000006888

- **iv. LEI, if any:** 2138008JJ5PA8H5UIL69

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,595.80

**Aggregate Commission:** $54,872.33

**Item C.17.a. Principal transaction counterparties.**

| Name                                                   | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| MLCO - BofA Securities, Inc.                           | 8-7221            |    000007691 | 549300HN4UKV1E2R3U73 | NY      | US        | $211,547,660.71           |
| JPMS - J.P. MORGAN SECURITIES, LLC.                    | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $42,448,817.28            |
| MSCO - MORGAN STANLEY & CO. LLC                        | 8-15869           |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $28,353,528.26            |
| CSAG - CREDIT SUISSE AG, NEW YORK BRANCH               | 8-422             |    000000816 | ANGGYXNX0JLX3X63JN86 | NY      | US        | $22,069,443.33            |
| CGMI - CITIGROUP GLOBAL MARKETS INC.                   | 8-8177            |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $18,646,308.19            |
| GSCO - GOLDMAN SACHS & CO LLC                          | 8-129             |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $15,501,863.48            |
| RBCA - ROYAL BANK OF CANADA                            | 8-45411           |    000031194 | ES7IP3U3RHIGC71XBU11 |  |  | $14,272,000.00            |
| BCAP - BARCLAYS CAPITAL, INC.                          | 8-41342           |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $5,955,190.69             |
| CITG - CITIGROUP GLOBAL MARKETS, INC./SALOMON BROTHERS | 8-8177            |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $4,327,920.24             |
| RBCD - RBC CAPITAL MARKETS LLC                         | 8-45411           |    000031194 | 549300LCO2FLSSVFFR64 | NY      | US        | $4,126,264.20             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $384,503,445.26

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $216,424,376.39

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $100,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** State Street Bank and Trust Company

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                      | SEC File number   |
|:---|:---|
| Putnam VT Small Cap Growth Fund                   | 811-05346         |
| Putnam VT Sustainable Future Fund                 | 811-05346         |
| Putnam VT Large Cap Value Fund                    | 811-05346         |
| Putnam International Equity Fund                  | 811-06190         |
| Putnam VT Global Asset Allocation Fund            | 811-05346         |
| Putnam Tax Free High Yield Fund                   | 811-04345         |
| Putnam Dynamic Asset Allocation Growth Fund       | 811-07121         |
| Putnam Large Cap Value Fund                       | 811-02742         |
| Putnam VT Mortgage Securities Fund                | 811-05346         |
| Putnam VT International Equity Fund               | 811-05346         |
| Putnam Dynamic Asset Allocation Conservative Fund | 811-07121         |
| Putnam California Tax Exempt Income Fund          | 811-03630         |
| Putnam VT International Value Fund                | 811-05346         |
| Putnam Growth Opportunities Fund                  | 811-07237         |
| George Putnam Balanced Fund                       | 811-00058         |
| Putnam Diversified Income Trust                   | 811-05635         |
| Putnam Money Market Fund                          | 811-02608         |
| Putnam International Capital Opportunities Fund   | 811-07237         |
| Putnam VT George Putnam Balanced Fund             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund            | 811-05346         |
| Putnam Pennsylvania Tax Exempt Income Fund        | 811-05802         |
| Putnam VT Small Cap Value Fund                    | 811-05346         |
| Putnam VT Income Fund                             | 811-05346         |
| Putnam Global Income Trust                        | 811-04524         |
| Putnam Sustainable Leaders Fund                   | 811-06128         |
| Putnam Dynamic Asset Allocation Balanced Fund     | 811-07121         |
| Putnam International Value Fund                   | 811-07513         |
| Putnam Global Health Care Fund                    | 811-03386         |
| Putnam Sustainable Future Fund                    | 811-07237         |
| Putnam VT Research Fund                           | 811-05346         |
| Putnam Mortgage Securities Fund                   | 811-03897         |
| Putnam Minnesota Tax Exempt Income Fund           | 811-04527         |
| Putnam VT Diversified Income Fund                 | 811-05346         |
| Putnam VT Sustainable Leaders Fund                | 811-05346         |
| Putnam Strategic Intermediate Municipal Fund      | 811-04345         |
| Putnam Small Cap Value Fund                       | 811-07237         |
| Putnam Massachusetts Tax Exempt Income Fund       | 811-04518         |
| Putnam VT Government Money Market Fund            | 811-05346         |
| Putnam Research Fund                              | 811-07237         |
| Putnam New Jersey Tax Exempt Income Fund          | 811-05977         |
| Putnam VT Global Health Care Fund                 | 811-05346         |
| Putnam VT Focused International Equity Fund       | 811-05346         |
| Putnam Small Cap Growth Fund                      | 811-07513         |
| Putnam VT Growth Opportunities Fund               | 811-05346         |
| Putnam New York Tax Exempt Income Fund            | 811-03741         |
| Putnam VT High Yield Fund                         | 811-05346         |
| Putnam Tax Exempt Income Fund                     | 811-02675         |
| Putnam Convertible Securities Fund                | 811-02280         |
| Putnam Ohio Tax Exempt Income Fund                | 811-04528         |
| Putnam VT Multi-Cap Core Fund                     | 811-05346         |
| Putnam Income Fund                                | 811-00653         |
| Putnam Floating Rate Income Fund                  | 811-07513         |
| Putnam Short Duration Bond Fund                   | 811-07513         |
| Putnam Global Technology Fund                     | 811-07513         |
| Putnam Emerging Markets Equity Fund               | 811-07513         |
| Putnam Fixed Income Absolute Return Fund          | 811-07513         |
| Putnam Multi-Asset Absolute Return Fund           | 811-07513         |
| Putnam Dynamic Asset Allocation Equity Fund       | 811-07513         |
| Putnam Dynamic Risk Allocation Fund               | 811-07513         |
| Putnam Focused Equity Fund                        | 811-07513         |
| Putnam Core Equity Fund                           | 811-07513         |
| Putnam Ultra Short Duration Income Fund           | 811-07513         |
| Putnam Intermediate-Term Municipal Income Fund    | 811-07513         |
| Putnam Government Money Market Fund               | 811-07237         |
| Putnam VT Multi-Asset Absolute Return Fund        | 811-05346         |
| Putnam Mortgage Opportunities Fund                | 811-07513         |
| Putnam PanAgora Risk Parity Fund                  | 811-07237         |
| Putnam Short-Term Municipal Income Fund           | 811-07513         |
| Putnam High Yield Fund                            | 811-04616         |
| Putnam Sustainable Leaders ETF                    | 811-23643         |
| Putnam Focused International Equity Fund          | 811-01403         |
| Putnam Sustainable Future ETF                     | 811-23643         |
| Putnam Focused Large Cap Growth ETF               | 811-23643         |
| Putnam Focused Large Cap Value ETF                | 811-23643         |
| Putnam Multi-Asset Income Fund                    | 811-07121         |
| Putnam BioRevolution ETF                          | 811-23643         |
| Putnam BDC Income ETF                             | 811-23643         |

- **v. Did the Fund draw on the line of credit this period?** No

**Line of Credit details Record: 2**

- **i. Is the line of credit a committed or uncommitted line of credit?** Uncommitted

- **ii. What size is the line of credit?** $235,500,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** State Street Bank and Trust Company

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                      | SEC File number   |
|:---|:---|
| Putnam VT Small Cap Growth Fund                   | 811-05346         |
| Putnam VT Sustainable Future Fund                 | 811-05346         |
| Putnam VT Large Cap Value Fund                    | 811-05346         |
| Putnam International Equity Fund                  | 811-06190         |
| Putnam VT Global Asset Allocation Fund            | 811-05346         |
| Putnam Tax Free High Yield Fund                   | 811-04345         |
| Putnam Dynamic Asset Allocation Growth Fund       | 811-07121         |
| Putnam Large Cap Value Fund                       | 811-02742         |
| Putnam VT Mortgage Securities Fund                | 811-05346         |
| Putnam VT International Equity Fund               | 811-05346         |
| Putnam Dynamic Asset Allocation Conservative Fund | 811-07121         |
| Putnam California Tax Exempt Income Fund          | 811-03630         |
| Putnam VT International Value Fund                | 811-05346         |
| Putnam Growth Opportunities Fund                  | 811-07237         |
| George Putnam Balanced Fund                       | 811-00058         |
| Putnam Diversified Income Trust                   | 811-05635         |
| Putnam Money Market Fund                          | 811-02608         |
| Putnam International Capital Opportunities Fund   | 811-07237         |
| Putnam VT George Putnam Balanced Fund             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund            | 811-05346         |
| Putnam Pennsylvania Tax Exempt Income Fund        | 811-05802         |
| Putnam VT Small Cap Value Fund                    | 811-05346         |
| Putnam VT Income Fund                             | 811-05346         |
| Putnam Global Income Trust                        | 811-04524         |
| Putnam Sustainable Leaders Fund                   | 811-06128         |
| Putnam Dynamic Asset Allocation Balanced Fund     | 811-07121         |
| Putnam International Value Fund                   | 811-07513         |
| Putnam Global Health Care Fund                    | 811-03386         |
| Putnam Sustainable Future Fund                    | 811-07237         |
| Putnam VT Research Fund                           | 811-05346         |
| Putnam Mortgage Securities Fund                   | 811-03897         |
| Putnam Minnesota Tax Exempt Income Fund           | 811-04527         |
| Putnam VT Diversified Income Fund                 | 811-05346         |
| Putnam VT Sustainable Leaders Fund                | 811-05346         |
| Putnam Strategic Intermediate Municipal Fund      | 811-04345         |
| Putnam Small Cap Value Fund                       | 811-07237         |
| Putnam Massachusetts Tax Exempt Income Fund       | 811-04518         |
| Putnam VT Government Money Market Fund            | 811-05346         |
| Putnam Research Fund                              | 811-07237         |
| Putnam New Jersey Tax Exempt Income Fund          | 811-05977         |
| Putnam VT Global Health Care Fund                 | 811-05346         |
| Putnam VT Focused International Equity Fund       | 811-05346         |
| Putnam Small Cap Growth Fund                      | 811-07513         |
| Putnam VT Growth Opportunities Fund               | 811-05346         |
| Putnam New York Tax Exempt Income Fund            | 811-03741         |
| Putnam VT High Yield Fund                         | 811-05346         |
| Putnam Tax Exempt Income Fund                     | 811-02675         |
| Putnam Convertible Securities Fund                | 811-02280         |
| Putnam Ohio Tax Exempt Income Fund                | 811-04528         |
| Putnam VT Multi-Cap Core Fund                     | 811-05346         |
| Putnam Income Fund                                | 811-00653         |
| Putnam Floating Rate Income Fund                  | 811-07513         |
| Putnam Short Duration Bond Fund                   | 811-07513         |
| Putnam Global Technology Fund                     | 811-07513         |
| Putnam Emerging Markets Equity Fund               | 811-07513         |
| Putnam Fixed Income Absolute Return Fund          | 811-07513         |
| Putnam Multi-Asset Absolute Return Fund           | 811-07513         |
| Putnam Dynamic Asset Allocation Equity Fund       | 811-07513         |
| Putnam Dynamic Risk Allocation Fund               | 811-07513         |
| Putnam Focused Equity Fund                        | 811-07513         |
| Putnam Core Equity Fund                           | 811-07513         |
| Putnam Ultra Short Duration Income Fund           | 811-07513         |
| Putnam Intermediate-Term Municipal Income Fund    | 811-07513         |
| Putnam Government Money Market Fund               | 811-07237         |
| Putnam VT Multi-Asset Absolute Return Fund        | 811-05346         |
| Putnam Mortgage Opportunities Fund                | 811-07513         |
| Putnam PanAgora Risk Parity Fund                  | 811-07237         |
| Putnam Short-Term Municipal Income Fund           | 811-07513         |
| Putnam High Yield Fund                            | 811-04616         |
| Putnam Sustainable Leaders ETF                    | 811-23643         |
| Putnam Focused International Equity Fund          | 811-01403         |
| Putnam Sustainable Future ETF                     | 811-23643         |
| Putnam Focused Large Cap Growth ETF               | 811-23643         |
| Putnam Focused Large Cap Value ETF                | 811-23643         |
| Putnam Multi-Asset Income Fund                    | 811-07121         |
| Putnam BioRevolution ETF                          | 811-23643         |
| Putnam BDC Income ETF                             | 811-23643         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 15 - Putnam VT Global Health Care Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Putnam VT Global Health Care Fund

- **b. Series identification number, if any:** S000003874

- **c. LEI:** OGC9MX44J30WCPCACY55

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 2

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                      | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | PUTNAM VT GLOBAL HEALTH CARE FUND CLASS IA | C000010843                                | N/A                          |
|                           2 | PUTNAM VT GLOBAL HEALTH CARE FUND CLASS IB | C000010844                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** Goldman Sachs Bank USA

- **ii. LEI, if any:** KD3XUN7C6T14HNAYLU02

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** The Putnam Advisory Company LLC

- **ii. LEI, if any:** 88LQ6PPLZCCSTCFX1D09

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** No

- **iv. Is the cash collateral manager an affiliated person of the Fund?** Yes

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [ ] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $3,670,719.00

- **g. Provide the net income from securities lending activities:** $9,626.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 17a-6 (17 CFR 270.17a-6)

- Rule 17a-7 (17 CFR 270.17a-7)

- Rule 18f-4(f)(17 CFR 270.18f-4(f))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Putnam Investment Management, LLC

- **ii. SEC file number:** 801-7974

- **iii. CRD number:** 000106629

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Putnam Investments Limited

- **ii. SEC file number:** 801-61441

- **iii. CRD number:** 000122254

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vi. Foreign country, if applicable:** GB

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Sub-adviser Record: 2**

- **i. Full name:** The Putnam Advisory Company, LLC

- **ii. SEC file number:** 801-5097

- **iii. CRD number:** 000106631

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. SEC file number:** 84-06331

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Services (Corp)

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Reuters (equities)

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** State Street Bank and Trust Company

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

No Administrators reported.

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** JEFF - JEFFERIES LLC

- **ii. SEC file number:** 8-15074

- **iii. CRD number:** 000002347

- **iv. LEI, if any:** 58PU97L1C0WSRCWADL48

- **v. State, if applicable:** NJ

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $25,846.22

**Brokers Record: 2**

- **i. Full name of broker:** JPMS - J.P. MORGAN SECURITIES, LLC.

- **ii. SEC file number:** 8-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $22,346.47

**Brokers Record: 3**

- **i. Full name of broker:** JONE - JONESTRADING

- **ii. SEC file number:** 8-26089

- **iii. CRD number:** 000006888

- **iv. LEI, if any:** 2138008JJ5PA8H5UIL69

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $15,752.93

**Brokers Record: 4**

- **i. Full name of broker:** UBSW - UBS SECURITIES L.L.C.

- **ii. SEC file number:** 8-22651

- **iii. CRD number:** 000007654

- **iv. LEI, if any:** T6FIZBDPKLYJKFCRVK44

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $11,041.06

**Brokers Record: 5**

- **i. Full name of broker:** CANA - CANACCORD GENUITY INC

- **ii. SEC file number:** 8-3271

- **iii. CRD number:** 000001020

- **iv. LEI, if any:** WTX5X269IUOQ9YMI7R44

- **vii. Gross commissions paid by the Fund for the reporting period:** $10,183.54

**Brokers Record: 6**

- **i. Full name of broker:** STFL - STIFEL, NICOLAUS & COMPANY INCORPORATED

- **ii. SEC file number:** 8-1447

- **iii. CRD number:** 000000793

- **iv. LEI, if any:** 5WUVMA08EYG4KEUPW589

- **v. State, if applicable:** MO

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $9,033.64

**Brokers Record: 7**

- **i. Full name of broker:** MLCO - BofA Securities, Inc.

- **ii. SEC file number:** 8-7221

- **iii. CRD number:** 000007691

- **iv. LEI, if any:** 549300HN4UKV1E2R3U73

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $8,630.60

**Brokers Record: 8**

- **i. Full name of broker:** CSFB - CREDIT SUISSE SECURITIES (USA), LLC

- **ii. SEC file number:** 8-422

- **iii. CRD number:** 000000816

- **iv. LEI, if any:** 1V8Y6QCX6YMJ2OELII46

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $8,064.58

**Brokers Record: 9**

- **i. Full name of broker:** CGML - CITIGROUP GLOBAL MARKETS INC

- **ii. SEC file number:** 8-8177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** 6SHGI4ZSSLCXXQSBB395

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $7,349.29

**Brokers Record: 10**

- **i. Full name of broker:** MSCO - MORGAN STANLEY & CO. LLC

- **ii. SEC file number:** 8-15869

- **iii. CRD number:** 000008209

- **iv. LEI, if any:** 9R7GPTSO7KV3UQJZQ078

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $7,062.51

**Aggregate Commission:** $179,038.30

**Item C.17.a. Principal transaction counterparties.**

| Name                                         | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| MLCO - BofA Securities, Inc.                 | 8-7221            |    000007691 | 549300HN4UKV1E2R3U73 | NY      | US        | $12,127,000.00            |
| CGMI - CITIGROUP GLOBAL MARKETS INC.         | 8-8177            |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $4,548,000.00             |
| BMOC - BMO CAPITAL MARKETS CORP.             | 8-34344           |    000016686 | RUC0QBLBRPRCU4W1NE59 | NY      | US        | $797,837.49               |
| JPMS - J.P. MORGAN SECURITIES, LLC.          | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $399,150.39               |
| NMRA - NOMURA SECURITIES INTERNATIONAL, INC. | 8-15255           |    000004297 | OXTKY6Q8X53C9ILVV871 | NY      | US        | $398,904.06               |
| BCAP - BARCLAYS CAPITAL, INC.                | 8-41342           |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $301,402.65               |
| DBAB - DEUTSCHE BANK SECURITIES INC.         | 8-17822           |    000002525 | 9J6MBOOO7BECTDTUZW19 | NY      | US        | $199,835.50               |
| PARI - BNP PARIBAS SECURITIES CORP           | 8-32682           |    000015794 | RCNB6OTYUAMMP879YW96 | NY      | US        | $199,812.53               |
| WCHV - WELLS FARGO SECURITIES, LLC           | 8-65876           |    000126292 | VYVVCKR63DVZZN70PB21 | NC      | US        | $198,998.22               |
| MSCO - MORGAN STANLEY & CO. LLC              | 8-15869           |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $142,136.15               |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $19,412,986.46

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $155,369,767.77

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $100,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** State Street Bank and Trust Company

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                      | SEC File number   |
|:---|:---|
| Putnam VT Small Cap Growth Fund                   | 811-05346         |
| Putnam VT Sustainable Future Fund                 | 811-05346         |
| Putnam VT Large Cap Value Fund                    | 811-05346         |
| Putnam International Equity Fund                  | 811-06190         |
| Putnam VT Global Asset Allocation Fund            | 811-05346         |
| Putnam Tax Free High Yield Fund                   | 811-04345         |
| Putnam Dynamic Asset Allocation Growth Fund       | 811-07121         |
| Putnam Large Cap Value Fund                       | 811-02742         |
| Putnam VT Mortgage Securities Fund                | 811-05346         |
| Putnam VT International Equity Fund               | 811-05346         |
| Putnam Dynamic Asset Allocation Conservative Fund | 811-07121         |
| Putnam California Tax Exempt Income Fund          | 811-03630         |
| Putnam VT International Value Fund                | 811-05346         |
| Putnam Growth Opportunities Fund                  | 811-07237         |
| George Putnam Balanced Fund                       | 811-00058         |
| Putnam Diversified Income Trust                   | 811-05635         |
| Putnam Money Market Fund                          | 811-02608         |
| Putnam International Capital Opportunities Fund   | 811-07237         |
| Putnam VT George Putnam Balanced Fund             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund            | 811-05346         |
| Putnam Pennsylvania Tax Exempt Income Fund        | 811-05802         |
| Putnam VT Small Cap Value Fund                    | 811-05346         |
| Putnam VT Income Fund                             | 811-05346         |
| Putnam Global Income Trust                        | 811-04524         |
| Putnam Sustainable Leaders Fund                   | 811-06128         |
| Putnam Dynamic Asset Allocation Balanced Fund     | 811-07121         |
| Putnam International Value Fund                   | 811-07513         |
| Putnam Global Health Care Fund                    | 811-03386         |
| Putnam Sustainable Future Fund                    | 811-07237         |
| Putnam VT Research Fund                           | 811-05346         |
| Putnam Mortgage Securities Fund                   | 811-03897         |
| Putnam Minnesota Tax Exempt Income Fund           | 811-04527         |
| Putnam VT Diversified Income Fund                 | 811-05346         |
| Putnam VT Sustainable Leaders Fund                | 811-05346         |
| Putnam Strategic Intermediate Municipal Fund      | 811-04345         |
| Putnam Small Cap Value Fund                       | 811-07237         |
| Putnam Massachusetts Tax Exempt Income Fund       | 811-04518         |
| Putnam VT Government Money Market Fund            | 811-05346         |
| Putnam Research Fund                              | 811-07237         |
| Putnam New Jersey Tax Exempt Income Fund          | 811-05977         |
| Putnam VT Global Health Care Fund                 | 811-05346         |
| Putnam VT Focused International Equity Fund       | 811-05346         |
| Putnam Small Cap Growth Fund                      | 811-07513         |
| Putnam VT Growth Opportunities Fund               | 811-05346         |
| Putnam New York Tax Exempt Income Fund            | 811-03741         |
| Putnam VT High Yield Fund                         | 811-05346         |
| Putnam Tax Exempt Income Fund                     | 811-02675         |
| Putnam Convertible Securities Fund                | 811-02280         |
| Putnam Ohio Tax Exempt Income Fund                | 811-04528         |
| Putnam VT Multi-Cap Core Fund                     | 811-05346         |
| Putnam Income Fund                                | 811-00653         |
| Putnam Floating Rate Income Fund                  | 811-07513         |
| Putnam Short Duration Bond Fund                   | 811-07513         |
| Putnam Global Technology Fund                     | 811-07513         |
| Putnam Emerging Markets Equity Fund               | 811-07513         |
| Putnam Fixed Income Absolute Return Fund          | 811-07513         |
| Putnam Multi-Asset Absolute Return Fund           | 811-07513         |
| Putnam Dynamic Asset Allocation Equity Fund       | 811-07513         |
| Putnam Dynamic Risk Allocation Fund               | 811-07513         |
| Putnam Focused Equity Fund                        | 811-07513         |
| Putnam Core Equity Fund                           | 811-07513         |
| Putnam Ultra Short Duration Income Fund           | 811-07513         |
| Putnam Intermediate-Term Municipal Income Fund    | 811-07513         |
| Putnam Government Money Market Fund               | 811-07237         |
| Putnam VT Multi-Asset Absolute Return Fund        | 811-05346         |
| Putnam Mortgage Opportunities Fund                | 811-07513         |
| Putnam PanAgora Risk Parity Fund                  | 811-07237         |
| Putnam Short-Term Municipal Income Fund           | 811-07513         |
| Putnam High Yield Fund                            | 811-04616         |
| Putnam Sustainable Leaders ETF                    | 811-23643         |
| Putnam Focused International Equity Fund          | 811-01403         |
| Putnam Sustainable Future ETF                     | 811-23643         |
| Putnam Focused Large Cap Growth ETF               | 811-23643         |
| Putnam Focused Large Cap Value ETF                | 811-23643         |
| Putnam Multi-Asset Income Fund                    | 811-07121         |
| Putnam BioRevolution ETF                          | 811-23643         |
| Putnam BDC Income ETF                             | 811-23643         |

- **v. Did the Fund draw on the line of credit this period?** No

**Line of Credit details Record: 2**

- **i. Is the line of credit a committed or uncommitted line of credit?** Uncommitted

- **ii. What size is the line of credit?** $235,500,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** State Street Bank and Trust Company

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                      | SEC File number   |
|:---|:---|
| Putnam VT Small Cap Growth Fund                   | 811-05346         |
| Putnam VT Sustainable Future Fund                 | 811-05346         |
| Putnam VT Large Cap Value Fund                    | 811-05346         |
| Putnam International Equity Fund                  | 811-06190         |
| Putnam VT Global Asset Allocation Fund            | 811-05346         |
| Putnam Tax Free High Yield Fund                   | 811-04345         |
| Putnam Dynamic Asset Allocation Growth Fund       | 811-07121         |
| Putnam Large Cap Value Fund                       | 811-02742         |
| Putnam VT Mortgage Securities Fund                | 811-05346         |
| Putnam VT International Equity Fund               | 811-05346         |
| Putnam Dynamic Asset Allocation Conservative Fund | 811-07121         |
| Putnam California Tax Exempt Income Fund          | 811-03630         |
| Putnam VT International Value Fund                | 811-05346         |
| Putnam Growth Opportunities Fund                  | 811-07237         |
| George Putnam Balanced Fund                       | 811-00058         |
| Putnam Diversified Income Trust                   | 811-05635         |
| Putnam Money Market Fund                          | 811-02608         |
| Putnam International Capital Opportunities Fund   | 811-07237         |
| Putnam VT George Putnam Balanced Fund             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund            | 811-05346         |
| Putnam Pennsylvania Tax Exempt Income Fund        | 811-05802         |
| Putnam VT Small Cap Value Fund                    | 811-05346         |
| Putnam VT Income Fund                             | 811-05346         |
| Putnam Global Income Trust                        | 811-04524         |
| Putnam Sustainable Leaders Fund                   | 811-06128         |
| Putnam Dynamic Asset Allocation Balanced Fund     | 811-07121         |
| Putnam International Value Fund                   | 811-07513         |
| Putnam Global Health Care Fund                    | 811-03386         |
| Putnam Sustainable Future Fund                    | 811-07237         |
| Putnam VT Research Fund                           | 811-05346         |
| Putnam Mortgage Securities Fund                   | 811-03897         |
| Putnam Minnesota Tax Exempt Income Fund           | 811-04527         |
| Putnam VT Diversified Income Fund                 | 811-05346         |
| Putnam VT Sustainable Leaders Fund                | 811-05346         |
| Putnam Strategic Intermediate Municipal Fund      | 811-04345         |
| Putnam Small Cap Value Fund                       | 811-07237         |
| Putnam Massachusetts Tax Exempt Income Fund       | 811-04518         |
| Putnam VT Government Money Market Fund            | 811-05346         |
| Putnam Research Fund                              | 811-07237         |
| Putnam New Jersey Tax Exempt Income Fund          | 811-05977         |
| Putnam VT Global Health Care Fund                 | 811-05346         |
| Putnam VT Focused International Equity Fund       | 811-05346         |
| Putnam Small Cap Growth Fund                      | 811-07513         |
| Putnam VT Growth Opportunities Fund               | 811-05346         |
| Putnam New York Tax Exempt Income Fund            | 811-03741         |
| Putnam VT High Yield Fund                         | 811-05346         |
| Putnam Tax Exempt Income Fund                     | 811-02675         |
| Putnam Convertible Securities Fund                | 811-02280         |
| Putnam Ohio Tax Exempt Income Fund                | 811-04528         |
| Putnam VT Multi-Cap Core Fund                     | 811-05346         |
| Putnam Income Fund                                | 811-00653         |
| Putnam Floating Rate Income Fund                  | 811-07513         |
| Putnam Short Duration Bond Fund                   | 811-07513         |
| Putnam Global Technology Fund                     | 811-07513         |
| Putnam Emerging Markets Equity Fund               | 811-07513         |
| Putnam Fixed Income Absolute Return Fund          | 811-07513         |
| Putnam Multi-Asset Absolute Return Fund           | 811-07513         |
| Putnam Dynamic Asset Allocation Equity Fund       | 811-07513         |
| Putnam Dynamic Risk Allocation Fund               | 811-07513         |
| Putnam Focused Equity Fund                        | 811-07513         |
| Putnam Core Equity Fund                           | 811-07513         |
| Putnam Ultra Short Duration Income Fund           | 811-07513         |
| Putnam Intermediate-Term Municipal Income Fund    | 811-07513         |
| Putnam Government Money Market Fund               | 811-07237         |
| Putnam VT Multi-Asset Absolute Return Fund        | 811-05346         |
| Putnam Mortgage Opportunities Fund                | 811-07513         |
| Putnam PanAgora Risk Parity Fund                  | 811-07237         |
| Putnam Short-Term Municipal Income Fund           | 811-07513         |
| Putnam High Yield Fund                            | 811-04616         |
| Putnam Sustainable Leaders ETF                    | 811-23643         |
| Putnam Focused International Equity Fund          | 811-01403         |
| Putnam Sustainable Future ETF                     | 811-23643         |
| Putnam Focused Large Cap Growth ETF               | 811-23643         |
| Putnam Focused Large Cap Value ETF                | 811-23643         |
| Putnam Multi-Asset Income Fund                    | 811-07121         |
| Putnam BioRevolution ETF                          | 811-23643         |
| Putnam BDC Income ETF                             | 811-23643         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 16 - Putnam VT Research Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Putnam VT Research Fund

- **b. Series identification number, if any:** S000003887

- **c. LEI:** 2OWXZ2LGVIYMJOL2HG14

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 2

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class            | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | PUTNAM VT RESEARCH FUND CLASS IA | C000010869                                | N/A                          |
|                           2 | PUTNAM VT RESEARCH FUND CLASS IB | C000010870                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** Goldman Sachs Bank USA

- **ii. LEI, if any:** KD3XUN7C6T14HNAYLU02

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** The Putnam Advisory Company LLC

- **ii. LEI, if any:** 88LQ6PPLZCCSTCFX1D09

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** No

- **iv. Is the cash collateral manager an affiliated person of the Fund?** Yes

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [ ] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $446,088.00

- **g. Provide the net income from securities lending activities:** $1,838.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 17a-6 (17 CFR 270.17a-6)

- Rule 17a-7 (17 CFR 270.17a-7)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(d)(ii) (17 CFR 270.18f-4(d)(ii))

- Rule 18f-4(f)(17 CFR 270.18f-4(f))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Putnam Investment Management, LLC

- **ii. SEC file number:** 801-7974

- **iii. CRD number:** 000106629

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Putnam Investments Limited

- **ii. SEC file number:** 801-61441

- **iii. CRD number:** 000122254

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vi. Foreign country, if applicable:** GB

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Sub-adviser Record: 2**

- **i. Full name:** The Putnam Advisory Company, LLC

- **ii. SEC file number:** 801-5097

- **iii. CRD number:** 000106631

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. SEC file number:** 84-06331

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Reuters

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Reuters (equities)

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** ICE Data Services (Corp)

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** State Street Bank and Trust Company

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

No Administrators reported.

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** CGML - CITIGROUP GLOBAL MARKETS INC

- **ii. SEC file number:** 8-8177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** 6SHGI4ZSSLCXXQSBB395

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $4,455.45

**Brokers Record: 2**

- **i. Full name of broker:** JPMS - J.P. MORGAN SECURITIES, LLC.

- **ii. SEC file number:** 8-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,138.56

**Brokers Record: 3**

- **i. Full name of broker:** GSCO - GOLDMAN SACHS & CO LLC

- **ii. SEC file number:** 8-129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,004.58

**Brokers Record: 4**

- **i. Full name of broker:** UBSW - UBS SECURITIES L.L.C.

- **ii. SEC file number:** 8-22651

- **iii. CRD number:** 000007654

- **iv. LEI, if any:** T6FIZBDPKLYJKFCRVK44

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,658.45

**Brokers Record: 5**

- **i. Full name of broker:** RBCD - RBC CAPITAL MARKETS LLC

- **ii. SEC file number:** 8-45411

- **iii. CRD number:** 000031194

- **iv. LEI, if any:** 549300LCO2FLSSVFFR64

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,254.87

**Brokers Record: 6**

- **i. Full name of broker:** NITE - VIRTU AMERICAS, LLC

- **ii. SEC file number:** 8-68193

- **iii. CRD number:** 000149823

- **iv. LEI, if any:** 549300RA02N3BNSWBV74

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,669.08

**Brokers Record: 7**

- **i. Full name of broker:** MLCO - BofA Securities, Inc.

- **ii. SEC file number:** 8-7221

- **iii. CRD number:** 000007691

- **iv. LEI, if any:** 549300HN4UKV1E2R3U73

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,257.43

**Brokers Record: 8**

- **i. Full name of broker:** CSFB - CREDIT SUISSE SECURITIES (USA), LLC

- **ii. SEC file number:** 8-422

- **iii. CRD number:** 000000816

- **iv. LEI, if any:** 1V8Y6QCX6YMJ2OELII46

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,174.95

**Brokers Record: 9**

- **i. Full name of broker:** BCAP - BARCLAYS CAPITAL, INC.

- **ii. SEC file number:** 8-41342

- **iii. CRD number:** 000019714

- **iv. LEI, if any:** AC28XWWI3WIBK2824319

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,061.76

**Brokers Record: 10**

- **i. Full name of broker:** JONE - JONESTRADING

- **ii. SEC file number:** 8-26089

- **iii. CRD number:** 000006888

- **iv. LEI, if any:** 2138008JJ5PA8H5UIL69

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $790.62

**Aggregate Commission:** $26,067.63

**Item C.17.a. Principal transaction counterparties.**

| Name                                                   | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| MLCO - BofA Securities, Inc.                           | 8-7221            |    000007691 | 549300HN4UKV1E2R3U73 | NY      | US        | $12,071,817.76            |
| CGMI - CITIGROUP GLOBAL MARKETS INC.                   | 8-8177            |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $2,663,000.00             |
| NMRA - NOMURA SECURITIES INTERNATIONAL, INC.           | 8-15255           |    000004297 | OXTKY6Q8X53C9ILVV871 | NY      | US        | $1,095,386.11             |
| CTDL - CITADEL SECURITIES LLC                          | 8-53574           |    000116797 | 12UUJYTN7D3SW8KCSG25 | IL      | US        | $299,325.11               |
| GSCO - GOLDMAN SACHS & CO LLC                          | 8-129             |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $298,963.24               |
| JPMS - J.P. MORGAN SECURITIES, LLC.                    | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $199,939.00               |
| MSCO - MORGAN STANLEY & CO. LLC                        | 8-15869           |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $199,823.44               |
| CITG - CITIGROUP GLOBAL MARKETS, INC./SALOMON BROTHERS | 8-8177            |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $99,642.91                |
| BCAP - BARCLAYS CAPITAL, INC.                          | 8-41342           |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $99,628.97                |
| BMOC - BMO CAPITAL MARKETS CORP.                       | 8-34344           |    000016686 | RUC0QBLBRPRCU4W1NE59 | NY      | US        | $99,587.00                |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $17,127,118.07

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $64,165,464.98

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $100,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** State Street Bank and Trust Company

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                      | SEC File number   |
|:---|:---|
| Putnam VT Small Cap Growth Fund                   | 811-05346         |
| Putnam VT Sustainable Future Fund                 | 811-05346         |
| Putnam VT Large Cap Value Fund                    | 811-05346         |
| Putnam International Equity Fund                  | 811-06190         |
| Putnam VT Global Asset Allocation Fund            | 811-05346         |
| Putnam Tax Free High Yield Fund                   | 811-04345         |
| Putnam Dynamic Asset Allocation Growth Fund       | 811-07121         |
| Putnam Large Cap Value Fund                       | 811-02742         |
| Putnam VT Mortgage Securities Fund                | 811-05346         |
| Putnam VT International Equity Fund               | 811-05346         |
| Putnam Dynamic Asset Allocation Conservative Fund | 811-07121         |
| Putnam California Tax Exempt Income Fund          | 811-03630         |
| Putnam VT International Value Fund                | 811-05346         |
| Putnam Growth Opportunities Fund                  | 811-07237         |
| George Putnam Balanced Fund                       | 811-00058         |
| Putnam Diversified Income Trust                   | 811-05635         |
| Putnam Money Market Fund                          | 811-02608         |
| Putnam International Capital Opportunities Fund   | 811-07237         |
| Putnam VT George Putnam Balanced Fund             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund            | 811-05346         |
| Putnam Pennsylvania Tax Exempt Income Fund        | 811-05802         |
| Putnam VT Small Cap Value Fund                    | 811-05346         |
| Putnam VT Income Fund                             | 811-05346         |
| Putnam Global Income Trust                        | 811-04524         |
| Putnam Sustainable Leaders Fund                   | 811-06128         |
| Putnam Dynamic Asset Allocation Balanced Fund     | 811-07121         |
| Putnam International Value Fund                   | 811-07513         |
| Putnam Global Health Care Fund                    | 811-03386         |
| Putnam Sustainable Future Fund                    | 811-07237         |
| Putnam VT Research Fund                           | 811-05346         |
| Putnam Mortgage Securities Fund                   | 811-03897         |
| Putnam Minnesota Tax Exempt Income Fund           | 811-04527         |
| Putnam VT Diversified Income Fund                 | 811-05346         |
| Putnam VT Sustainable Leaders Fund                | 811-05346         |
| Putnam Strategic Intermediate Municipal Fund      | 811-04345         |
| Putnam Small Cap Value Fund                       | 811-07237         |
| Putnam Massachusetts Tax Exempt Income Fund       | 811-04518         |
| Putnam VT Government Money Market Fund            | 811-05346         |
| Putnam Research Fund                              | 811-07237         |
| Putnam New Jersey Tax Exempt Income Fund          | 811-05977         |
| Putnam VT Global Health Care Fund                 | 811-05346         |
| Putnam VT Focused International Equity Fund       | 811-05346         |
| Putnam Small Cap Growth Fund                      | 811-07513         |
| Putnam VT Growth Opportunities Fund               | 811-05346         |
| Putnam New York Tax Exempt Income Fund            | 811-03741         |
| Putnam VT High Yield Fund                         | 811-05346         |
| Putnam Tax Exempt Income Fund                     | 811-02675         |
| Putnam Convertible Securities Fund                | 811-02280         |
| Putnam Ohio Tax Exempt Income Fund                | 811-04528         |
| Putnam VT Multi-Cap Core Fund                     | 811-05346         |
| Putnam Income Fund                                | 811-00653         |
| Putnam Floating Rate Income Fund                  | 811-07513         |
| Putnam Short Duration Bond Fund                   | 811-07513         |
| Putnam Global Technology Fund                     | 811-07513         |
| Putnam Emerging Markets Equity Fund               | 811-07513         |
| Putnam Fixed Income Absolute Return Fund          | 811-07513         |
| Putnam Multi-Asset Absolute Return Fund           | 811-07513         |
| Putnam Dynamic Asset Allocation Equity Fund       | 811-07513         |
| Putnam Dynamic Risk Allocation Fund               | 811-07513         |
| Putnam Focused Equity Fund                        | 811-07513         |
| Putnam Core Equity Fund                           | 811-07513         |
| Putnam Ultra Short Duration Income Fund           | 811-07513         |
| Putnam Intermediate-Term Municipal Income Fund    | 811-07513         |
| Putnam Government Money Market Fund               | 811-07237         |
| Putnam VT Multi-Asset Absolute Return Fund        | 811-05346         |
| Putnam Mortgage Opportunities Fund                | 811-07513         |
| Putnam PanAgora Risk Parity Fund                  | 811-07237         |
| Putnam Short-Term Municipal Income Fund           | 811-07513         |
| Putnam High Yield Fund                            | 811-04616         |
| Putnam Sustainable Leaders ETF                    | 811-23643         |
| Putnam Focused International Equity Fund          | 811-01403         |
| Putnam Sustainable Future ETF                     | 811-23643         |
| Putnam Focused Large Cap Growth ETF               | 811-23643         |
| Putnam Focused Large Cap Value ETF                | 811-23643         |
| Putnam Multi-Asset Income Fund                    | 811-07121         |
| Putnam BioRevolution ETF                          | 811-23643         |
| Putnam BDC Income ETF                             | 811-23643         |

- **v. Did the Fund draw on the line of credit this period?** No

**Line of Credit details Record: 2**

- **i. Is the line of credit a committed or uncommitted line of credit?** Uncommitted

- **ii. What size is the line of credit?** $235,500,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** State Street Bank and Trust Company

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                      | SEC File number   |
|:---|:---|
| Putnam VT Small Cap Growth Fund                   | 811-05346         |
| Putnam VT Sustainable Future Fund                 | 811-05346         |
| Putnam VT Large Cap Value Fund                    | 811-05346         |
| Putnam International Equity Fund                  | 811-06190         |
| Putnam VT Global Asset Allocation Fund            | 811-05346         |
| Putnam Tax Free High Yield Fund                   | 811-04345         |
| Putnam Dynamic Asset Allocation Growth Fund       | 811-07121         |
| Putnam Large Cap Value Fund                       | 811-02742         |
| Putnam VT Mortgage Securities Fund                | 811-05346         |
| Putnam VT International Equity Fund               | 811-05346         |
| Putnam Dynamic Asset Allocation Conservative Fund | 811-07121         |
| Putnam California Tax Exempt Income Fund          | 811-03630         |
| Putnam VT International Value Fund                | 811-05346         |
| Putnam Growth Opportunities Fund                  | 811-07237         |
| George Putnam Balanced Fund                       | 811-00058         |
| Putnam Diversified Income Trust                   | 811-05635         |
| Putnam Money Market Fund                          | 811-02608         |
| Putnam International Capital Opportunities Fund   | 811-07237         |
| Putnam VT George Putnam Balanced Fund             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund            | 811-05346         |
| Putnam Pennsylvania Tax Exempt Income Fund        | 811-05802         |
| Putnam VT Small Cap Value Fund                    | 811-05346         |
| Putnam VT Income Fund                             | 811-05346         |
| Putnam Global Income Trust                        | 811-04524         |
| Putnam Sustainable Leaders Fund                   | 811-06128         |
| Putnam Dynamic Asset Allocation Balanced Fund     | 811-07121         |
| Putnam International Value Fund                   | 811-07513         |
| Putnam Global Health Care Fund                    | 811-03386         |
| Putnam Sustainable Future Fund                    | 811-07237         |
| Putnam VT Research Fund                           | 811-05346         |
| Putnam Mortgage Securities Fund                   | 811-03897         |
| Putnam Minnesota Tax Exempt Income Fund           | 811-04527         |
| Putnam VT Diversified Income Fund                 | 811-05346         |
| Putnam VT Sustainable Leaders Fund                | 811-05346         |
| Putnam Strategic Intermediate Municipal Fund      | 811-04345         |
| Putnam Small Cap Value Fund                       | 811-07237         |
| Putnam Massachusetts Tax Exempt Income Fund       | 811-04518         |
| Putnam VT Government Money Market Fund            | 811-05346         |
| Putnam Research Fund                              | 811-07237         |
| Putnam New Jersey Tax Exempt Income Fund          | 811-05977         |
| Putnam VT Global Health Care Fund                 | 811-05346         |
| Putnam VT Focused International Equity Fund       | 811-05346         |
| Putnam Small Cap Growth Fund                      | 811-07513         |
| Putnam VT Growth Opportunities Fund               | 811-05346         |
| Putnam New York Tax Exempt Income Fund            | 811-03741         |
| Putnam VT High Yield Fund                         | 811-05346         |
| Putnam Tax Exempt Income Fund                     | 811-02675         |
| Putnam Convertible Securities Fund                | 811-02280         |
| Putnam Ohio Tax Exempt Income Fund                | 811-04528         |
| Putnam VT Multi-Cap Core Fund                     | 811-05346         |
| Putnam Income Fund                                | 811-00653         |
| Putnam Floating Rate Income Fund                  | 811-07513         |
| Putnam Short Duration Bond Fund                   | 811-07513         |
| Putnam Global Technology Fund                     | 811-07513         |
| Putnam Emerging Markets Equity Fund               | 811-07513         |
| Putnam Fixed Income Absolute Return Fund          | 811-07513         |
| Putnam Multi-Asset Absolute Return Fund           | 811-07513         |
| Putnam Dynamic Asset Allocation Equity Fund       | 811-07513         |
| Putnam Dynamic Risk Allocation Fund               | 811-07513         |
| Putnam Focused Equity Fund                        | 811-07513         |
| Putnam Core Equity Fund                           | 811-07513         |
| Putnam Ultra Short Duration Income Fund           | 811-07513         |
| Putnam Intermediate-Term Municipal Income Fund    | 811-07513         |
| Putnam Government Money Market Fund               | 811-07237         |
| Putnam VT Multi-Asset Absolute Return Fund        | 811-05346         |
| Putnam Mortgage Opportunities Fund                | 811-07513         |
| Putnam PanAgora Risk Parity Fund                  | 811-07237         |
| Putnam Short-Term Municipal Income Fund           | 811-07513         |
| Putnam High Yield Fund                            | 811-04616         |
| Putnam Sustainable Leaders ETF                    | 811-23643         |
| Putnam Focused International Equity Fund          | 811-01403         |
| Putnam Sustainable Future ETF                     | 811-23643         |
| Putnam Focused Large Cap Growth ETF               | 811-23643         |
| Putnam Focused Large Cap Value ETF                | 811-23643         |
| Putnam Multi-Asset Income Fund                    | 811-07121         |
| Putnam BioRevolution ETF                          | 811-23643         |
| Putnam BDC Income ETF                             | 811-23643         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 17 - Putnam VT Small Cap Value Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Putnam VT Small Cap Value Fund

- **b. Series identification number, if any:** S000003888

- **c. LEI:** PDOQ7DSJON4NJI51RN72

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 2

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class         | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | VT SMALL CAP VALUE FUND CL IA | C000010871                                | N/A                          |
|                           2 | VT SMALL CAP VALUE FUND CL IB | C000010872                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** Goldman Sachs Bank USA

- **ii. LEI, if any:** KD3XUN7C6T14HNAYLU02

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** The Putnam Advisory Company LLC

- **ii. LEI, if any:** 88LQ6PPLZCCSTCFX1D09

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** No

- **iv. Is the cash collateral manager an affiliated person of the Fund?** Yes

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [ ] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $9,881,376.00

- **g. Provide the net income from securities lending activities:** $43,881.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 17a-6 (17 CFR 270.17a-6)

- Rule 17a-7 (17 CFR 270.17a-7)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Putnam Investment Management, LLC

- **ii. SEC file number:** 801-7974

- **iii. CRD number:** 000106629

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Putnam Investments Limited

- **ii. SEC file number:** 801-61441

- **iii. CRD number:** 000122254

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vi. Foreign country, if applicable:** GB

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. SEC file number:** 84-06331

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Reuters (equities)

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** State Street Bank and Trust Company

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

No Administrators reported.

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** RAJA - RAYMOND JAMES & ASSOCIATES, INC.

- **ii. SEC file number:** 8-10999

- **iii. CRD number:** 000000705

- **iv. LEI, if any:** U4ONQX15J3RO8XCKE979

- **v. State, if applicable:** FL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $84,707.37

**Brokers Record: 2**

- **i. Full name of broker:** JEFF - JEFFERIES LLC

- **ii. SEC file number:** 8-15074

- **iii. CRD number:** 000002347

- **iv. LEI, if any:** 58PU97L1C0WSRCWADL48

- **v. State, if applicable:** NJ

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $64,736.13

**Brokers Record: 3**

- **i. Full name of broker:** UBSW - UBS SECURITIES L.L.C.

- **ii. SEC file number:** 8-22651

- **iii. CRD number:** 000007654

- **iv. LEI, if any:** T6FIZBDPKLYJKFCRVK44

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $54,515.52

**Brokers Record: 4**

- **i. Full name of broker:** PIJF - PIPER JAFFRAY & CO. (formerly WEEDEN & CO. L.P.)

- **ii. SEC file number:** 8-15204

- **iii. CRD number:** 000000665

- **iv. LEI, if any:** QUQDBTUSOAKFEVMRMF78

- **v. State, if applicable:** MN

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $25,495.64

**Brokers Record: 5**

- **i. Full name of broker:** JPMS - J.P. MORGAN SECURITIES, LLC.

- **ii. SEC file number:** 8-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $24,208.10

**Brokers Record: 6**

- **i. Full name of broker:** BCAP - BARCLAYS CAPITAL, INC.

- **ii. SEC file number:** 8-41342

- **iii. CRD number:** 000019714

- **iv. LEI, if any:** AC28XWWI3WIBK2824319

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $23,907.26

**Brokers Record: 7**

- **i. Full name of broker:** WBLR - BLAIR (WILLIAM) & COMPANY, L.L.C.

- **ii. SEC file number:** 8-2698

- **iii. CRD number:** 000001252

- **iv. LEI, if any:** 549300J0P7XYE8BMZ775

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $23,053.71

**Brokers Record: 8**

- **i. Full name of broker:** CSFB - CREDIT SUISSE SECURITIES (USA), LLC

- **ii. SEC file number:** 8-422

- **iii. CRD number:** 000000816

- **iv. LEI, if any:** 1V8Y6QCX6YMJ2OELII46

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $17,498.94

**Brokers Record: 9**

- **i. Full name of broker:** RBCD - RBC CAPITAL MARKETS LLC

- **ii. SEC file number:** 8-45411

- **iii. CRD number:** 000031194

- **iv. LEI, if any:** 549300LCO2FLSSVFFR64

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $12,339.36

**Brokers Record: 10**

- **i. Full name of broker:** NITE - VIRTU AMERICAS, LLC

- **ii. SEC file number:** 8-68193

- **iii. CRD number:** 000149823

- **iv. LEI, if any:** 549300RA02N3BNSWBV74

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $7,190.02

**Aggregate Commission:** $365,816.02

**Item C.17.a. Principal transaction counterparties.**

| Name                                    | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| MLCO - BofA Securities, Inc.            | 8-7221            |    000007691 | 549300HN4UKV1E2R3U73 | NY      | US        | $43,233,000.00            |
| JPMS - J.P. MORGAN SECURITIES, LLC.     | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $5,867,002.00             |
| CGMI - CITIGROUP GLOBAL MARKETS INC.    | 8-8177            |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $1,098,000.00             |
| GSCO - GOLDMAN SACHS & CO LLC           | 8-129             |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $406,628.00               |
| UBSW - UBS SECURITIES L.L.C.            | 8-22651           |    000007654 | T6FIZBDPKLYJKFCRVK44 | CT      | US        | $270,922.73               |
| MSCO - MORGAN STANLEY & CO. LLC         | 8-15869           |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $123,251.31               |
| KBWI - KEEFE, BRUYETTE & WOODS, INC.    | 8-10888           |    000000481 | 549300OM47DQV01G4854 | NY      | US        | $103,818.00               |
| RAJA - RAYMOND JAMES & ASSOCIATES, INC. | 8-10999           |    000000705 | U4ONQX15J3RO8XCKE979 | FL      | US        | $70,075.00                |
| JPMCB - J.P. MORGANCHASE BANK           | 8-35008           |    000000079 | 7H6GLXDRUGQFU57RNE97 | NY      | US        | $51.29                    |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $51,172,748.33

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $126,270,399.90

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $100,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** State Street Bank and Trust Company

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                      | SEC File number   |
|:---|:---|
| Putnam VT Small Cap Growth Fund                   | 811-05346         |
| Putnam VT Sustainable Future Fund                 | 811-05346         |
| Putnam VT Large Cap Value Fund                    | 811-05346         |
| Putnam International Equity Fund                  | 811-06190         |
| Putnam VT Global Asset Allocation Fund            | 811-05346         |
| Putnam Tax Free High Yield Fund                   | 811-04345         |
| Putnam Dynamic Asset Allocation Growth Fund       | 811-07121         |
| Putnam Large Cap Value Fund                       | 811-02742         |
| Putnam VT Mortgage Securities Fund                | 811-05346         |
| Putnam VT International Equity Fund               | 811-05346         |
| Putnam Dynamic Asset Allocation Conservative Fund | 811-07121         |
| Putnam California Tax Exempt Income Fund          | 811-03630         |
| Putnam VT International Value Fund                | 811-05346         |
| Putnam Growth Opportunities Fund                  | 811-07237         |
| George Putnam Balanced Fund                       | 811-00058         |
| Putnam Diversified Income Trust                   | 811-05635         |
| Putnam Money Market Fund                          | 811-02608         |
| Putnam International Capital Opportunities Fund   | 811-07237         |
| Putnam VT George Putnam Balanced Fund             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund            | 811-05346         |
| Putnam Pennsylvania Tax Exempt Income Fund        | 811-05802         |
| Putnam VT Small Cap Value Fund                    | 811-05346         |
| Putnam VT Income Fund                             | 811-05346         |
| Putnam Global Income Trust                        | 811-04524         |
| Putnam Sustainable Leaders Fund                   | 811-06128         |
| Putnam Dynamic Asset Allocation Balanced Fund     | 811-07121         |
| Putnam International Value Fund                   | 811-07513         |
| Putnam Global Health Care Fund                    | 811-03386         |
| Putnam Sustainable Future Fund                    | 811-07237         |
| Putnam VT Research Fund                           | 811-05346         |
| Putnam Mortgage Securities Fund                   | 811-03897         |
| Putnam Minnesota Tax Exempt Income Fund           | 811-04527         |
| Putnam VT Diversified Income Fund                 | 811-05346         |
| Putnam VT Sustainable Leaders Fund                | 811-05346         |
| Putnam Strategic Intermediate Municipal Fund      | 811-04345         |
| Putnam Small Cap Value Fund                       | 811-07237         |
| Putnam Massachusetts Tax Exempt Income Fund       | 811-04518         |
| Putnam VT Government Money Market Fund            | 811-05346         |
| Putnam Research Fund                              | 811-07237         |
| Putnam New Jersey Tax Exempt Income Fund          | 811-05977         |
| Putnam VT Global Health Care Fund                 | 811-05346         |
| Putnam VT Focused International Equity Fund       | 811-05346         |
| Putnam Small Cap Growth Fund                      | 811-07513         |
| Putnam VT Growth Opportunities Fund               | 811-05346         |
| Putnam New York Tax Exempt Income Fund            | 811-03741         |
| Putnam VT High Yield Fund                         | 811-05346         |
| Putnam Tax Exempt Income Fund                     | 811-02675         |
| Putnam Convertible Securities Fund                | 811-02280         |
| Putnam Ohio Tax Exempt Income Fund                | 811-04528         |
| Putnam VT Multi-Cap Core Fund                     | 811-05346         |
| Putnam Income Fund                                | 811-00653         |
| Putnam Floating Rate Income Fund                  | 811-07513         |
| Putnam Short Duration Bond Fund                   | 811-07513         |
| Putnam Global Technology Fund                     | 811-07513         |
| Putnam Emerging Markets Equity Fund               | 811-07513         |
| Putnam Fixed Income Absolute Return Fund          | 811-07513         |
| Putnam Multi-Asset Absolute Return Fund           | 811-07513         |
| Putnam Dynamic Asset Allocation Equity Fund       | 811-07513         |
| Putnam Dynamic Risk Allocation Fund               | 811-07513         |
| Putnam Focused Equity Fund                        | 811-07513         |
| Putnam Core Equity Fund                           | 811-07513         |
| Putnam Ultra Short Duration Income Fund           | 811-07513         |
| Putnam Intermediate-Term Municipal Income Fund    | 811-07513         |
| Putnam Government Money Market Fund               | 811-07237         |
| Putnam VT Multi-Asset Absolute Return Fund        | 811-05346         |
| Putnam Mortgage Opportunities Fund                | 811-07513         |
| Putnam PanAgora Risk Parity Fund                  | 811-07237         |
| Putnam Short-Term Municipal Income Fund           | 811-07513         |
| Putnam High Yield Fund                            | 811-04616         |
| Putnam Sustainable Leaders ETF                    | 811-23643         |
| Putnam Focused International Equity Fund          | 811-01403         |
| Putnam Sustainable Future ETF                     | 811-23643         |
| Putnam Focused Large Cap Growth ETF               | 811-23643         |
| Putnam Focused Large Cap Value ETF                | 811-23643         |
| Putnam Multi-Asset Income Fund                    | 811-07121         |
| Putnam BioRevolution ETF                          | 811-23643         |
| Putnam BDC Income ETF                             | 811-23643         |

- **v. Did the Fund draw on the line of credit this period?** No

**Line of Credit details Record: 2**

- **i. Is the line of credit a committed or uncommitted line of credit?** Uncommitted

- **ii. What size is the line of credit?** $235,500,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** State Street Bank and Trust Company

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                      | SEC File number   |
|:---|:---|
| Putnam VT Small Cap Growth Fund                   | 811-05346         |
| Putnam VT Sustainable Future Fund                 | 811-05346         |
| Putnam VT Large Cap Value Fund                    | 811-05346         |
| Putnam International Equity Fund                  | 811-06190         |
| Putnam VT Global Asset Allocation Fund            | 811-05346         |
| Putnam Tax Free High Yield Fund                   | 811-04345         |
| Putnam Dynamic Asset Allocation Growth Fund       | 811-07121         |
| Putnam Large Cap Value Fund                       | 811-02742         |
| Putnam VT Mortgage Securities Fund                | 811-05346         |
| Putnam VT International Equity Fund               | 811-05346         |
| Putnam Dynamic Asset Allocation Conservative Fund | 811-07121         |
| Putnam California Tax Exempt Income Fund          | 811-03630         |
| Putnam VT International Value Fund                | 811-05346         |
| Putnam Growth Opportunities Fund                  | 811-07237         |
| George Putnam Balanced Fund                       | 811-00058         |
| Putnam Diversified Income Trust                   | 811-05635         |
| Putnam Money Market Fund                          | 811-02608         |
| Putnam International Capital Opportunities Fund   | 811-07237         |
| Putnam VT George Putnam Balanced Fund             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund            | 811-05346         |
| Putnam Pennsylvania Tax Exempt Income Fund        | 811-05802         |
| Putnam VT Small Cap Value Fund                    | 811-05346         |
| Putnam VT Income Fund                             | 811-05346         |
| Putnam Global Income Trust                        | 811-04524         |
| Putnam Sustainable Leaders Fund                   | 811-06128         |
| Putnam Dynamic Asset Allocation Balanced Fund     | 811-07121         |
| Putnam International Value Fund                   | 811-07513         |
| Putnam Global Health Care Fund                    | 811-03386         |
| Putnam Sustainable Future Fund                    | 811-07237         |
| Putnam VT Research Fund                           | 811-05346         |
| Putnam Mortgage Securities Fund                   | 811-03897         |
| Putnam Minnesota Tax Exempt Income Fund           | 811-04527         |
| Putnam VT Diversified Income Fund                 | 811-05346         |
| Putnam VT Sustainable Leaders Fund                | 811-05346         |
| Putnam Strategic Intermediate Municipal Fund      | 811-04345         |
| Putnam Small Cap Value Fund                       | 811-07237         |
| Putnam Massachusetts Tax Exempt Income Fund       | 811-04518         |
| Putnam VT Government Money Market Fund            | 811-05346         |
| Putnam Research Fund                              | 811-07237         |
| Putnam New Jersey Tax Exempt Income Fund          | 811-05977         |
| Putnam VT Global Health Care Fund                 | 811-05346         |
| Putnam VT Focused International Equity Fund       | 811-05346         |
| Putnam Small Cap Growth Fund                      | 811-07513         |
| Putnam VT Growth Opportunities Fund               | 811-05346         |
| Putnam New York Tax Exempt Income Fund            | 811-03741         |
| Putnam VT High Yield Fund                         | 811-05346         |
| Putnam Tax Exempt Income Fund                     | 811-02675         |
| Putnam Convertible Securities Fund                | 811-02280         |
| Putnam Ohio Tax Exempt Income Fund                | 811-04528         |
| Putnam VT Multi-Cap Core Fund                     | 811-05346         |
| Putnam Income Fund                                | 811-00653         |
| Putnam Floating Rate Income Fund                  | 811-07513         |
| Putnam Short Duration Bond Fund                   | 811-07513         |
| Putnam Global Technology Fund                     | 811-07513         |
| Putnam Emerging Markets Equity Fund               | 811-07513         |
| Putnam Fixed Income Absolute Return Fund          | 811-07513         |
| Putnam Multi-Asset Absolute Return Fund           | 811-07513         |
| Putnam Dynamic Asset Allocation Equity Fund       | 811-07513         |
| Putnam Dynamic Risk Allocation Fund               | 811-07513         |
| Putnam Focused Equity Fund                        | 811-07513         |
| Putnam Core Equity Fund                           | 811-07513         |
| Putnam Ultra Short Duration Income Fund           | 811-07513         |
| Putnam Intermediate-Term Municipal Income Fund    | 811-07513         |
| Putnam Government Money Market Fund               | 811-07237         |
| Putnam VT Multi-Asset Absolute Return Fund        | 811-05346         |
| Putnam Mortgage Opportunities Fund                | 811-07513         |
| Putnam PanAgora Risk Parity Fund                  | 811-07237         |
| Putnam Short-Term Municipal Income Fund           | 811-07513         |
| Putnam High Yield Fund                            | 811-04616         |
| Putnam Sustainable Leaders ETF                    | 811-23643         |
| Putnam Focused International Equity Fund          | 811-01403         |
| Putnam Sustainable Future ETF                     | 811-23643         |
| Putnam Focused Large Cap Growth ETF               | 811-23643         |
| Putnam Focused Large Cap Value ETF                | 811-23643         |
| Putnam Multi-Asset Income Fund                    | 811-07121         |
| Putnam BioRevolution ETF                          | 811-23643         |
| Putnam BDC Income ETF                             | 811-23643         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 18 - Putnam VT Growth Opportunities Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Putnam VT Growth Opportunities Fund

- **b. Series identification number, if any:** S000003873

- **c. LEI:** ZREV7S924QLJLC41VU70

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 2

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class         | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | PUTNAM VT GROWTH OPPS - CL IA | C000010841                                | N/A                          |
|                           2 | PUTNAM VT GROWTH OPPS - CL IB | C000010842                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** Goldman Sachs Bank USA

- **ii. LEI, if any:** KD3XUN7C6T14HNAYLU02

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** The Putnam Advisory Company LLC

- **ii. LEI, if any:** 88LQ6PPLZCCSTCFX1D09

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** No

- **iv. Is the cash collateral manager an affiliated person of the Fund?** Yes

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [ ] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $4,044,110.00

- **g. Provide the net income from securities lending activities:** $6,334.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 17a-6 (17 CFR 270.17a-6)

- Rule 17a-7 (17 CFR 270.17a-7)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

- Rule 18f-4(d)(i) (17 CFR 270.18f-4(d)(i))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Putnam Investment Management, LLC

- **ii. SEC file number:** 801-7974

- **iii. CRD number:** 000106629

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Putnam Investments Limited

- **ii. SEC file number:** 801-61441

- **iii. CRD number:** 000122254

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vi. Foreign country, if applicable:** GB

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. SEC file number:** 84-06331

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Reuters (equities)

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** ICE Data Services (Corp)

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** State Street Bank and Trust Company

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

No Administrators reported.

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** CGML - CITIGROUP GLOBAL MARKETS INC

- **ii. SEC file number:** 8-8177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** 6SHGI4ZSSLCXXQSBB395

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $22,716.70

**Brokers Record: 2**

- **i. Full name of broker:** GSCO - GOLDMAN SACHS & CO LLC

- **ii. SEC file number:** 8-129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $20,252.58

**Brokers Record: 3**

- **i. Full name of broker:** JPMS - J.P. MORGAN SECURITIES, LLC.

- **ii. SEC file number:** 8-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $18,618.34

**Brokers Record: 4**

- **i. Full name of broker:** BCAP - BARCLAYS CAPITAL, INC.

- **ii. SEC file number:** 8-41342

- **iii. CRD number:** 000019714

- **iv. LEI, if any:** AC28XWWI3WIBK2824319

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $18,424.64

**Brokers Record: 5**

- **i. Full name of broker:** MLCO - BofA Securities, Inc.

- **ii. SEC file number:** 8-7221

- **iii. CRD number:** 000007691

- **iv. LEI, if any:** 549300HN4UKV1E2R3U73

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $17,192.61

**Brokers Record: 6**

- **i. Full name of broker:** JEFF - JEFFERIES LLC

- **ii. SEC file number:** 8-15074

- **iii. CRD number:** 000002347

- **iv. LEI, if any:** 58PU97L1C0WSRCWADL48

- **v. State, if applicable:** NJ

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $11,752.89

**Brokers Record: 7**

- **i. Full name of broker:** MSCO - MORGAN STANLEY & CO. LLC

- **ii. SEC file number:** 8-15869

- **iii. CRD number:** 000008209

- **iv. LEI, if any:** 9R7GPTSO7KV3UQJZQ078

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $11,436.56

**Brokers Record: 8**

- **i. Full name of broker:** CSFB - CREDIT SUISSE SECURITIES (USA), LLC

- **ii. SEC file number:** 8-422

- **iii. CRD number:** 000000816

- **iv. LEI, if any:** 1V8Y6QCX6YMJ2OELII46

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $10,256.39

**Brokers Record: 9**

- **i. Full name of broker:** UBSW - UBS SECURITIES L.L.C.

- **ii. SEC file number:** 8-22651

- **iii. CRD number:** 000007654

- **iv. LEI, if any:** T6FIZBDPKLYJKFCRVK44

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $9,187.12

**Brokers Record: 10**

- **i. Full name of broker:** PIJF - PIPER JAFFRAY & CO. (formerly WEEDEN & CO. L.P.)

- **ii. SEC file number:** 8-15204

- **iii. CRD number:** 000000665

- **iv. LEI, if any:** QUQDBTUSOAKFEVMRMF78

- **v. State, if applicable:** MN

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $6,098.91

**Aggregate Commission:** $194,786.92

**Item C.17.a. Principal transaction counterparties.**

| Name                                      | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| MLCO - BofA Securities, Inc.              | 8-7221            |    000007691 | 549300HN4UKV1E2R3U73 | NY      | US        | $582,110,000.00           |
| BNPP - BNP PARIBAS SECURITIES CORPORATION | 8-32682           |    000015794 | RCNB6OTYUAMMP879YW96 | NY      | US        | $210,124,000.00           |
| RBCA - ROYAL BANK OF CANADA               | 8-45411           |    000031194 | ES7IP3U3RHIGC71XBU11 |  |  | $156,834,000.00           |
| CGMI - CITIGROUP GLOBAL MARKETS INC.      | 8-8177            |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $118,558,000.00           |
| JPMS - J.P. MORGAN SECURITIES, LLC.       | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $10,542,000.00            |
| UBSW - UBS SECURITIES L.L.C.              | 8-22651           |    000007654 | T6FIZBDPKLYJKFCRVK44 | CT      | US        | $790,658.13               |
| CITI - CITIBANK, N.A.                     | 8-8177            |    000007059 | E57ODZWZ7FF32TWEFA76 | FL      | US        | $65,296.52                |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $1,079,023,954.65

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $915,637,315.64

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $100,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** State Street Bank and Trust Company

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                      | SEC File number   |
|:---|:---|
| Putnam VT Small Cap Growth Fund                   | 811-05346         |
| Putnam VT Sustainable Future Fund                 | 811-05346         |
| Putnam VT Large Cap Value Fund                    | 811-05346         |
| Putnam International Equity Fund                  | 811-06190         |
| Putnam VT Global Asset Allocation Fund            | 811-05346         |
| Putnam Tax Free High Yield Fund                   | 811-04345         |
| Putnam Dynamic Asset Allocation Growth Fund       | 811-07121         |
| Putnam Large Cap Value Fund                       | 811-02742         |
| Putnam VT Mortgage Securities Fund                | 811-05346         |
| Putnam VT International Equity Fund               | 811-05346         |
| Putnam Dynamic Asset Allocation Conservative Fund | 811-07121         |
| Putnam California Tax Exempt Income Fund          | 811-03630         |
| Putnam VT International Value Fund                | 811-05346         |
| Putnam Growth Opportunities Fund                  | 811-07237         |
| George Putnam Balanced Fund                       | 811-00058         |
| Putnam Diversified Income Trust                   | 811-05635         |
| Putnam Money Market Fund                          | 811-02608         |
| Putnam International Capital Opportunities Fund   | 811-07237         |
| Putnam VT George Putnam Balanced Fund             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund            | 811-05346         |
| Putnam Pennsylvania Tax Exempt Income Fund        | 811-05802         |
| Putnam VT Small Cap Value Fund                    | 811-05346         |
| Putnam VT Income Fund                             | 811-05346         |
| Putnam Global Income Trust                        | 811-04524         |
| Putnam Sustainable Leaders Fund                   | 811-06128         |
| Putnam Dynamic Asset Allocation Balanced Fund     | 811-07121         |
| Putnam International Value Fund                   | 811-07513         |
| Putnam Global Health Care Fund                    | 811-03386         |
| Putnam Sustainable Future Fund                    | 811-07237         |
| Putnam VT Research Fund                           | 811-05346         |
| Putnam Mortgage Securities Fund                   | 811-03897         |
| Putnam Minnesota Tax Exempt Income Fund           | 811-04527         |
| Putnam VT Diversified Income Fund                 | 811-05346         |
| Putnam VT Sustainable Leaders Fund                | 811-05346         |
| Putnam Strategic Intermediate Municipal Fund      | 811-04345         |
| Putnam Small Cap Value Fund                       | 811-07237         |
| Putnam Massachusetts Tax Exempt Income Fund       | 811-04518         |
| Putnam VT Government Money Market Fund            | 811-05346         |
| Putnam Research Fund                              | 811-07237         |
| Putnam New Jersey Tax Exempt Income Fund          | 811-05977         |
| Putnam VT Global Health Care Fund                 | 811-05346         |
| Putnam VT Focused International Equity Fund       | 811-05346         |
| Putnam Small Cap Growth Fund                      | 811-07513         |
| Putnam VT Growth Opportunities Fund               | 811-05346         |
| Putnam New York Tax Exempt Income Fund            | 811-03741         |
| Putnam VT High Yield Fund                         | 811-05346         |
| Putnam Tax Exempt Income Fund                     | 811-02675         |
| Putnam Convertible Securities Fund                | 811-02280         |
| Putnam Ohio Tax Exempt Income Fund                | 811-04528         |
| Putnam VT Multi-Cap Core Fund                     | 811-05346         |
| Putnam Income Fund                                | 811-00653         |
| Putnam Floating Rate Income Fund                  | 811-07513         |
| Putnam Short Duration Bond Fund                   | 811-07513         |
| Putnam Global Technology Fund                     | 811-07513         |
| Putnam Emerging Markets Equity Fund               | 811-07513         |
| Putnam Fixed Income Absolute Return Fund          | 811-07513         |
| Putnam Multi-Asset Absolute Return Fund           | 811-07513         |
| Putnam Dynamic Asset Allocation Equity Fund       | 811-07513         |
| Putnam Dynamic Risk Allocation Fund               | 811-07513         |
| Putnam Focused Equity Fund                        | 811-07513         |
| Putnam Core Equity Fund                           | 811-07513         |
| Putnam Ultra Short Duration Income Fund           | 811-07513         |
| Putnam Intermediate-Term Municipal Income Fund    | 811-07513         |
| Putnam Government Money Market Fund               | 811-07237         |
| Putnam VT Multi-Asset Absolute Return Fund        | 811-05346         |
| Putnam Mortgage Opportunities Fund                | 811-07513         |
| Putnam PanAgora Risk Parity Fund                  | 811-07237         |
| Putnam Short-Term Municipal Income Fund           | 811-07513         |
| Putnam High Yield Fund                            | 811-04616         |
| Putnam Sustainable Leaders ETF                    | 811-23643         |
| Putnam Focused International Equity Fund          | 811-01403         |
| Putnam Sustainable Future ETF                     | 811-23643         |
| Putnam Focused Large Cap Growth ETF               | 811-23643         |
| Putnam Focused Large Cap Value ETF                | 811-23643         |
| Putnam Multi-Asset Income Fund                    | 811-07121         |
| Putnam BioRevolution ETF                          | 811-23643         |
| Putnam BDC Income ETF                             | 811-23643         |

- **v. Did the Fund draw on the line of credit this period?** No

**Line of Credit details Record: 2**

- **i. Is the line of credit a committed or uncommitted line of credit?** Uncommitted

- **ii. What size is the line of credit?** $235,500,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** State Street Bank and Trust Company

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                      | SEC File number   |
|:---|:---|
| Putnam VT Small Cap Growth Fund                   | 811-05346         |
| Putnam VT Sustainable Future Fund                 | 811-05346         |
| Putnam VT Large Cap Value Fund                    | 811-05346         |
| Putnam International Equity Fund                  | 811-06190         |
| Putnam VT Global Asset Allocation Fund            | 811-05346         |
| Putnam Tax Free High Yield Fund                   | 811-04345         |
| Putnam Dynamic Asset Allocation Growth Fund       | 811-07121         |
| Putnam Large Cap Value Fund                       | 811-02742         |
| Putnam VT Mortgage Securities Fund                | 811-05346         |
| Putnam VT International Equity Fund               | 811-05346         |
| Putnam Dynamic Asset Allocation Conservative Fund | 811-07121         |
| Putnam California Tax Exempt Income Fund          | 811-03630         |
| Putnam VT International Value Fund                | 811-05346         |
| Putnam Growth Opportunities Fund                  | 811-07237         |
| George Putnam Balanced Fund                       | 811-00058         |
| Putnam Diversified Income Trust                   | 811-05635         |
| Putnam Money Market Fund                          | 811-02608         |
| Putnam International Capital Opportunities Fund   | 811-07237         |
| Putnam VT George Putnam Balanced Fund             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund            | 811-05346         |
| Putnam Pennsylvania Tax Exempt Income Fund        | 811-05802         |
| Putnam VT Small Cap Value Fund                    | 811-05346         |
| Putnam VT Income Fund                             | 811-05346         |
| Putnam Global Income Trust                        | 811-04524         |
| Putnam Sustainable Leaders Fund                   | 811-06128         |
| Putnam Dynamic Asset Allocation Balanced Fund     | 811-07121         |
| Putnam International Value Fund                   | 811-07513         |
| Putnam Global Health Care Fund                    | 811-03386         |
| Putnam Sustainable Future Fund                    | 811-07237         |
| Putnam VT Research Fund                           | 811-05346         |
| Putnam Mortgage Securities Fund                   | 811-03897         |
| Putnam Minnesota Tax Exempt Income Fund           | 811-04527         |
| Putnam VT Diversified Income Fund                 | 811-05346         |
| Putnam VT Sustainable Leaders Fund                | 811-05346         |
| Putnam Strategic Intermediate Municipal Fund      | 811-04345         |
| Putnam Small Cap Value Fund                       | 811-07237         |
| Putnam Massachusetts Tax Exempt Income Fund       | 811-04518         |
| Putnam VT Government Money Market Fund            | 811-05346         |
| Putnam Research Fund                              | 811-07237         |
| Putnam New Jersey Tax Exempt Income Fund          | 811-05977         |
| Putnam VT Global Health Care Fund                 | 811-05346         |
| Putnam VT Focused International Equity Fund       | 811-05346         |
| Putnam Small Cap Growth Fund                      | 811-07513         |
| Putnam VT Growth Opportunities Fund               | 811-05346         |
| Putnam New York Tax Exempt Income Fund            | 811-03741         |
| Putnam VT High Yield Fund                         | 811-05346         |
| Putnam Tax Exempt Income Fund                     | 811-02675         |
| Putnam Convertible Securities Fund                | 811-02280         |
| Putnam Ohio Tax Exempt Income Fund                | 811-04528         |
| Putnam VT Multi-Cap Core Fund                     | 811-05346         |
| Putnam Income Fund                                | 811-00653         |
| Putnam Floating Rate Income Fund                  | 811-07513         |
| Putnam Short Duration Bond Fund                   | 811-07513         |
| Putnam Global Technology Fund                     | 811-07513         |
| Putnam Emerging Markets Equity Fund               | 811-07513         |
| Putnam Fixed Income Absolute Return Fund          | 811-07513         |
| Putnam Multi-Asset Absolute Return Fund           | 811-07513         |
| Putnam Dynamic Asset Allocation Equity Fund       | 811-07513         |
| Putnam Dynamic Risk Allocation Fund               | 811-07513         |
| Putnam Focused Equity Fund                        | 811-07513         |
| Putnam Core Equity Fund                           | 811-07513         |
| Putnam Ultra Short Duration Income Fund           | 811-07513         |
| Putnam Intermediate-Term Municipal Income Fund    | 811-07513         |
| Putnam Government Money Market Fund               | 811-07237         |
| Putnam VT Multi-Asset Absolute Return Fund        | 811-05346         |
| Putnam Mortgage Opportunities Fund                | 811-07513         |
| Putnam PanAgora Risk Parity Fund                  | 811-07237         |
| Putnam Short-Term Municipal Income Fund           | 811-07513         |
| Putnam High Yield Fund                            | 811-04616         |
| Putnam Sustainable Leaders ETF                    | 811-23643         |
| Putnam Focused International Equity Fund          | 811-01403         |
| Putnam Sustainable Future ETF                     | 811-23643         |
| Putnam Focused Large Cap Growth ETF               | 811-23643         |
| Putnam Focused Large Cap Value ETF                | 811-23643         |
| Putnam Multi-Asset Income Fund                    | 811-07121         |
| Putnam BioRevolution ETF                          | 811-23643         |
| Putnam BDC Income ETF                             | 811-23643         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 19 - Putnam VT Mortgage Securities Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Putnam VT Mortgage Securities Fund

- **b. Series identification number, if any:** S000003871

- **c. LEI:** BNJ2SUHEY4BD8C3LUN07

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 2

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                    | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | PUTNAM VT MORTGAGE SECURITIES FUND CL IA | C000010837                                | N/A                          |
|                           2 | PUTNAM VT MORTGAGE SECURITIES FUND CL IB | C000010838                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 17a-6 (17 CFR 270.17a-6)

- Rule 17a-7 (17 CFR 270.17a-7)

- Rule 18f-4 (17 CFR 270.18f-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Putnam Investment Management, LLC

- **ii. SEC file number:** 801-7974

- **iii. CRD number:** 000106629

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Putnam Investments Limited

- **ii. SEC file number:** 801-61441

- **iii. CRD number:** 000122254

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vi. Foreign country, if applicable:** GB

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. SEC file number:** 84-06331

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Reuters

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Reuters (Corp)

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** MARKIT

- **ii. LEI, if any, or provide and describe other identifying number:** 549300HLPTRASHS0E726

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** ICE Data Services (Corp)

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 5**

- **i. Full name:** PDVENDOR

- **ii. LEI, if any, or provide and describe other identifying number:** 549300WIC0TOJ7N7GD54

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 6**

- **i. Full name:** PRICESERVE

- **ii. LEI, if any, or provide and describe other identifying number:** 54930015EWCI4VNCZP82

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 7**

- **i. Full name:** JPM Pricing Direct

- **ii. LEI, if any, or provide and describe other identifying number:** 549300WIC0TOJ7N7GD54

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** State Street Bank and Trust Company

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

No Administrators reported.

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** CITI - CITIBANK, N.A.

- **ii. SEC file number:** 8-8177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** E57ODZWZ7FF32TWEFA76

- **v. State, if applicable:** FL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $4,229.75

**Brokers Record: 2**

- **i. Full name of broker:** JPMS - J.P. MORGAN SECURITIES, LLC.

- **ii. SEC file number:** 8-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $184.50

**Aggregate Commission:** $4,414.25

**Item C.17.a. Principal transaction counterparties.**

| Name                                         | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| JPMS - J.P. MORGAN SECURITIES, LLC.          | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $451,190,859.57           |
| MLCO - BofA Securities, Inc.                 | 8-7221            |    000007691 | 549300HN4UKV1E2R3U73 | NY      | US        | $222,221,627.77           |
| CGMI - CITIGROUP GLOBAL MARKETS INC.         | 8-8177            |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $150,041,099.97           |
| MSCO - MORGAN STANLEY & CO. LLC              | 8-15869           |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $124,844,912.89           |
| CSAG - CREDIT SUISSE AG, NEW YORK BRANCH     | 8-422             |    000000816 | ANGGYXNX0JLX3X63JN86 | NY      | US        | $110,044,199.22           |
| GSCO - GOLDMAN SACHS & CO LLC                | 8-129             |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $108,495,436.67           |
| BCAP - BARCLAYS CAPITAL, INC.                | 8-41342           |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $22,712,127.68            |
| NMRA - NOMURA SECURITIES INTERNATIONAL, INC. | 8-15255           |    000004297 | OXTKY6Q8X53C9ILVV871 | NY      | US        | $4,810,656.04             |
| BMOC - BMO CAPITAL MARKETS CORP.             | 8-34344           |    000016686 | RUC0QBLBRPRCU4W1NE59 | NY      | US        | $4,061,584.34             |
| CTDL - CITADEL SECURITIES LLC                | 8-53574           |    000116797 | 12UUJYTN7D3SW8KCSG25 | IL      | US        | $3,696,416.41             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $1,214,252,604.97

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $34,655,304.58

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $100,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** State Street Bank and Trust Company

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                      | SEC File number   |
|:---|:---|
| Putnam VT Small Cap Growth Fund                   | 811-05346         |
| Putnam VT Sustainable Future Fund                 | 811-05346         |
| Putnam VT Large Cap Value Fund                    | 811-05346         |
| Putnam International Equity Fund                  | 811-06190         |
| Putnam VT Global Asset Allocation Fund            | 811-05346         |
| Putnam Tax Free High Yield Fund                   | 811-04345         |
| Putnam Dynamic Asset Allocation Growth Fund       | 811-07121         |
| Putnam Large Cap Value Fund                       | 811-02742         |
| Putnam VT Mortgage Securities Fund                | 811-05346         |
| Putnam VT International Equity Fund               | 811-05346         |
| Putnam Dynamic Asset Allocation Conservative Fund | 811-07121         |
| Putnam California Tax Exempt Income Fund          | 811-03630         |
| Putnam VT International Value Fund                | 811-05346         |
| Putnam Growth Opportunities Fund                  | 811-07237         |
| George Putnam Balanced Fund                       | 811-00058         |
| Putnam Diversified Income Trust                   | 811-05635         |
| Putnam Money Market Fund                          | 811-02608         |
| Putnam International Capital Opportunities Fund   | 811-07237         |
| Putnam VT George Putnam Balanced Fund             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund            | 811-05346         |
| Putnam Pennsylvania Tax Exempt Income Fund        | 811-05802         |
| Putnam VT Small Cap Value Fund                    | 811-05346         |
| Putnam VT Income Fund                             | 811-05346         |
| Putnam Global Income Trust                        | 811-04524         |
| Putnam Sustainable Leaders Fund                   | 811-06128         |
| Putnam Dynamic Asset Allocation Balanced Fund     | 811-07121         |
| Putnam International Value Fund                   | 811-07513         |
| Putnam Global Health Care Fund                    | 811-03386         |
| Putnam Sustainable Future Fund                    | 811-07237         |
| Putnam VT Research Fund                           | 811-05346         |
| Putnam Mortgage Securities Fund                   | 811-03897         |
| Putnam Minnesota Tax Exempt Income Fund           | 811-04527         |
| Putnam VT Diversified Income Fund                 | 811-05346         |
| Putnam VT Sustainable Leaders Fund                | 811-05346         |
| Putnam Strategic Intermediate Municipal Fund      | 811-04345         |
| Putnam Small Cap Value Fund                       | 811-07237         |
| Putnam Massachusetts Tax Exempt Income Fund       | 811-04518         |
| Putnam VT Government Money Market Fund            | 811-05346         |
| Putnam Research Fund                              | 811-07237         |
| Putnam New Jersey Tax Exempt Income Fund          | 811-05977         |
| Putnam VT Global Health Care Fund                 | 811-05346         |
| Putnam VT Focused International Equity Fund       | 811-05346         |
| Putnam Small Cap Growth Fund                      | 811-07513         |
| Putnam VT Growth Opportunities Fund               | 811-05346         |
| Putnam New York Tax Exempt Income Fund            | 811-03741         |
| Putnam VT High Yield Fund                         | 811-05346         |
| Putnam Tax Exempt Income Fund                     | 811-02675         |
| Putnam Convertible Securities Fund                | 811-02280         |
| Putnam Ohio Tax Exempt Income Fund                | 811-04528         |
| Putnam VT Multi-Cap Core Fund                     | 811-05346         |
| Putnam Income Fund                                | 811-00653         |
| Putnam Floating Rate Income Fund                  | 811-07513         |
| Putnam Short Duration Bond Fund                   | 811-07513         |
| Putnam Global Technology Fund                     | 811-07513         |
| Putnam Emerging Markets Equity Fund               | 811-07513         |
| Putnam Fixed Income Absolute Return Fund          | 811-07513         |
| Putnam Multi-Asset Absolute Return Fund           | 811-07513         |
| Putnam Dynamic Asset Allocation Equity Fund       | 811-07513         |
| Putnam Dynamic Risk Allocation Fund               | 811-07513         |
| Putnam Focused Equity Fund                        | 811-07513         |
| Putnam Core Equity Fund                           | 811-07513         |
| Putnam Ultra Short Duration Income Fund           | 811-07513         |
| Putnam Intermediate-Term Municipal Income Fund    | 811-07513         |
| Putnam Government Money Market Fund               | 811-07237         |
| Putnam VT Multi-Asset Absolute Return Fund        | 811-05346         |
| Putnam Mortgage Opportunities Fund                | 811-07513         |
| Putnam PanAgora Risk Parity Fund                  | 811-07237         |
| Putnam Short-Term Municipal Income Fund           | 811-07513         |
| Putnam High Yield Fund                            | 811-04616         |
| Putnam Sustainable Leaders ETF                    | 811-23643         |
| Putnam Focused International Equity Fund          | 811-01403         |
| Putnam Sustainable Future ETF                     | 811-23643         |
| Putnam Focused Large Cap Growth ETF               | 811-23643         |
| Putnam Focused Large Cap Value ETF                | 811-23643         |
| Putnam Multi-Asset Income Fund                    | 811-07121         |
| Putnam BioRevolution ETF                          | 811-23643         |
| Putnam BDC Income ETF                             | 811-23643         |

- **v. Did the Fund draw on the line of credit this period?** No

**Line of Credit details Record: 2**

- **i. Is the line of credit a committed or uncommitted line of credit?** Uncommitted

- **ii. What size is the line of credit?** $235,500,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** State Street Bank and Trust Company

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                      | SEC File number   |
|:---|:---|
| Putnam VT Small Cap Growth Fund                   | 811-05346         |
| Putnam VT Sustainable Future Fund                 | 811-05346         |
| Putnam VT Large Cap Value Fund                    | 811-05346         |
| Putnam International Equity Fund                  | 811-06190         |
| Putnam VT Global Asset Allocation Fund            | 811-05346         |
| Putnam Tax Free High Yield Fund                   | 811-04345         |
| Putnam Dynamic Asset Allocation Growth Fund       | 811-07121         |
| Putnam Large Cap Value Fund                       | 811-02742         |
| Putnam VT Mortgage Securities Fund                | 811-05346         |
| Putnam VT International Equity Fund               | 811-05346         |
| Putnam Dynamic Asset Allocation Conservative Fund | 811-07121         |
| Putnam California Tax Exempt Income Fund          | 811-03630         |
| Putnam VT International Value Fund                | 811-05346         |
| Putnam Growth Opportunities Fund                  | 811-07237         |
| George Putnam Balanced Fund                       | 811-00058         |
| Putnam Diversified Income Trust                   | 811-05635         |
| Putnam Money Market Fund                          | 811-02608         |
| Putnam International Capital Opportunities Fund   | 811-07237         |
| Putnam VT George Putnam Balanced Fund             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund            | 811-05346         |
| Putnam Pennsylvania Tax Exempt Income Fund        | 811-05802         |
| Putnam VT Small Cap Value Fund                    | 811-05346         |
| Putnam VT Income Fund                             | 811-05346         |
| Putnam Global Income Trust                        | 811-04524         |
| Putnam Sustainable Leaders Fund                   | 811-06128         |
| Putnam Dynamic Asset Allocation Balanced Fund     | 811-07121         |
| Putnam International Value Fund                   | 811-07513         |
| Putnam Global Health Care Fund                    | 811-03386         |
| Putnam Sustainable Future Fund                    | 811-07237         |
| Putnam VT Research Fund                           | 811-05346         |
| Putnam Mortgage Securities Fund                   | 811-03897         |
| Putnam Minnesota Tax Exempt Income Fund           | 811-04527         |
| Putnam VT Diversified Income Fund                 | 811-05346         |
| Putnam VT Sustainable Leaders Fund                | 811-05346         |
| Putnam Strategic Intermediate Municipal Fund      | 811-04345         |
| Putnam Small Cap Value Fund                       | 811-07237         |
| Putnam Massachusetts Tax Exempt Income Fund       | 811-04518         |
| Putnam VT Government Money Market Fund            | 811-05346         |
| Putnam Research Fund                              | 811-07237         |
| Putnam New Jersey Tax Exempt Income Fund          | 811-05977         |
| Putnam VT Global Health Care Fund                 | 811-05346         |
| Putnam VT Focused International Equity Fund       | 811-05346         |
| Putnam Small Cap Growth Fund                      | 811-07513         |
| Putnam VT Growth Opportunities Fund               | 811-05346         |
| Putnam New York Tax Exempt Income Fund            | 811-03741         |
| Putnam VT High Yield Fund                         | 811-05346         |
| Putnam Tax Exempt Income Fund                     | 811-02675         |
| Putnam Convertible Securities Fund                | 811-02280         |
| Putnam Ohio Tax Exempt Income Fund                | 811-04528         |
| Putnam VT Multi-Cap Core Fund                     | 811-05346         |
| Putnam Income Fund                                | 811-00653         |
| Putnam Floating Rate Income Fund                  | 811-07513         |
| Putnam Short Duration Bond Fund                   | 811-07513         |
| Putnam Global Technology Fund                     | 811-07513         |
| Putnam Emerging Markets Equity Fund               | 811-07513         |
| Putnam Fixed Income Absolute Return Fund          | 811-07513         |
| Putnam Multi-Asset Absolute Return Fund           | 811-07513         |
| Putnam Dynamic Asset Allocation Equity Fund       | 811-07513         |
| Putnam Dynamic Risk Allocation Fund               | 811-07513         |
| Putnam Focused Equity Fund                        | 811-07513         |
| Putnam Core Equity Fund                           | 811-07513         |
| Putnam Ultra Short Duration Income Fund           | 811-07513         |
| Putnam Intermediate-Term Municipal Income Fund    | 811-07513         |
| Putnam Government Money Market Fund               | 811-07237         |
| Putnam VT Multi-Asset Absolute Return Fund        | 811-05346         |
| Putnam Mortgage Opportunities Fund                | 811-07513         |
| Putnam PanAgora Risk Parity Fund                  | 811-07237         |
| Putnam Short-Term Municipal Income Fund           | 811-07513         |
| Putnam High Yield Fund                            | 811-04616         |
| Putnam Sustainable Leaders ETF                    | 811-23643         |
| Putnam Focused International Equity Fund          | 811-01403         |
| Putnam Sustainable Future ETF                     | 811-23643         |
| Putnam Focused Large Cap Growth ETF               | 811-23643         |
| Putnam Focused Large Cap Value ETF                | 811-23643         |
| Putnam Multi-Asset Income Fund                    | 811-07121         |
| Putnam BioRevolution ETF                          | 811-23643         |
| Putnam BDC Income ETF                             | 811-23643         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 20 - Putnam VT Diversified Income Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Putnam VT Diversified Income Fund

- **b. Series identification number, if any:** S000003893

- **c. LEI:** 8JXB19CF5HE2V5XUD764

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 2

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class           | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | PUTNAM VT DIVERSIFIED INC CL IA | C000010881                                | N/A                          |
|                           2 | PUTNAM VT DIVERSIFIED INC CL IB | C000010882                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 17a-6 (17 CFR 270.17a-6)

- Rule 17a-7 (17 CFR 270.17a-7)

- Rule 18f-4 (17 CFR 270.18f-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Putnam Investment Management, LLC

- **ii. SEC file number:** 801-7974

- **iii. CRD number:** 000106629

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Putnam Investments Limited

- **ii. SEC file number:** 801-61441

- **iii. CRD number:** 000122254

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vi. Foreign country, if applicable:** GB

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. SEC file number:** 84-06331

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Reuters

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** JPM Pricing Direct

- **ii. LEI, if any, or provide and describe other identifying number:** 549300WIC0TOJ7N7GD54

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** MARKIT

- **ii. LEI, if any, or provide and describe other identifying number:** 549300HLPTRASHS0E726

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** ICE Data Services (Convert)

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 5**

- **i. Full name:** Reuters (loan)

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 6**

- **i. Full name:** Reuters (equities)

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 7**

- **i. Full name:** Markit

- **ii. LEI, if any, or provide and describe other identifying number:** 549300HLPTRASHS0E726

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 8**

- **i. Full name:** ICE Data Services (Corp)

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 9**

- **i. Full name:** Reuters (Corp)

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 10**

- **i. Full name:** PDVENDOR

- **ii. LEI, if any, or provide and describe other identifying number:** 549300WIC0TOJ7N7GD54

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 11**

- **i. Full name:** PRICESERVE

- **ii. LEI, if any, or provide and describe other identifying number:** 54930015EWCI4VNCZP82

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** State Street Bank and Trust Company

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

No Administrators reported.

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** CITI - CITIBANK, N.A.

- **ii. SEC file number:** 8-8177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** E57ODZWZ7FF32TWEFA76

- **v. State, if applicable:** FL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $5,892.00

**Brokers Record: 2**

- **i. Full name of broker:** JPMS - J.P. MORGAN SECURITIES, LLC.

- **ii. SEC file number:** 8-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $396.00

**Brokers Record: 3**

- **i. Full name of broker:** MSCO - MORGAN STANLEY & CO. LLC

- **ii. SEC file number:** 8-15869

- **iii. CRD number:** 000008209

- **iv. LEI, if any:** 9R7GPTSO7KV3UQJZQ078

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $167.44

**Aggregate Commission:** $6,455.44

**Item C.17.a. Principal transaction counterparties.**

| Name                                      | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| JPMS - J.P. MORGAN SECURITIES, LLC.       | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $1,928,173,744.87         |
| CGMI - CITIGROUP GLOBAL MARKETS INC.      | 8-8177            |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $1,170,260,444.49         |
| MLCO - BofA Securities, Inc.              | 8-7221            |    000007691 | 549300HN4UKV1E2R3U73 | NY      | US        | $1,136,044,108.02         |
| RBCA - ROYAL BANK OF CANADA               | 8-45411           |    000031194 | ES7IP3U3RHIGC71XBU11 |  |  | $822,699,000.00           |
| MSCO - MORGAN STANLEY & CO. LLC           | 8-15869           |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $579,519,153.16           |
| BNPP - BNP PARIBAS SECURITIES CORPORATION | 8-32682           |    000015794 | RCNB6OTYUAMMP879YW96 | NY      | US        | $525,631,000.00           |
| CSAG - CREDIT SUISSE AG, NEW YORK BRANCH  | 8-422             |    000000816 | ANGGYXNX0JLX3X63JN86 | NY      | US        | $455,212,026.60           |
| GSCO - GOLDMAN SACHS & CO LLC             | 8-129             |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $376,360,229.33           |
| BCAP - BARCLAYS CAPITAL, INC.             | 8-41342           |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $125,740,300.47           |
| BMOC - BMO CAPITAL MARKETS CORP.          | 8-34344           |    000016686 | RUC0QBLBRPRCU4W1NE59 | NY      | US        | $13,459,944.16            |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $7,189,658,624.48

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $149,148,242.24

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $100,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** State Street Bank and Trust Company

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                      | SEC File number   |
|:---|:---|
| Putnam VT Small Cap Growth Fund                   | 811-05346         |
| Putnam VT Sustainable Future Fund                 | 811-05346         |
| Putnam VT Large Cap Value Fund                    | 811-05346         |
| Putnam International Equity Fund                  | 811-06190         |
| Putnam VT Global Asset Allocation Fund            | 811-05346         |
| Putnam Tax Free High Yield Fund                   | 811-04345         |
| Putnam Dynamic Asset Allocation Growth Fund       | 811-07121         |
| Putnam Large Cap Value Fund                       | 811-02742         |
| Putnam VT Mortgage Securities Fund                | 811-05346         |
| Putnam VT International Equity Fund               | 811-05346         |
| Putnam Dynamic Asset Allocation Conservative Fund | 811-07121         |
| Putnam California Tax Exempt Income Fund          | 811-03630         |
| Putnam VT International Value Fund                | 811-05346         |
| Putnam Growth Opportunities Fund                  | 811-07237         |
| George Putnam Balanced Fund                       | 811-00058         |
| Putnam Diversified Income Trust                   | 811-05635         |
| Putnam Money Market Fund                          | 811-02608         |
| Putnam International Capital Opportunities Fund   | 811-07237         |
| Putnam VT George Putnam Balanced Fund             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund            | 811-05346         |
| Putnam Pennsylvania Tax Exempt Income Fund        | 811-05802         |
| Putnam VT Small Cap Value Fund                    | 811-05346         |
| Putnam VT Income Fund                             | 811-05346         |
| Putnam Global Income Trust                        | 811-04524         |
| Putnam Sustainable Leaders Fund                   | 811-06128         |
| Putnam Dynamic Asset Allocation Balanced Fund     | 811-07121         |
| Putnam International Value Fund                   | 811-07513         |
| Putnam Global Health Care Fund                    | 811-03386         |
| Putnam Sustainable Future Fund                    | 811-07237         |
| Putnam VT Research Fund                           | 811-05346         |
| Putnam Mortgage Securities Fund                   | 811-03897         |
| Putnam Minnesota Tax Exempt Income Fund           | 811-04527         |
| Putnam VT Diversified Income Fund                 | 811-05346         |
| Putnam VT Sustainable Leaders Fund                | 811-05346         |
| Putnam Strategic Intermediate Municipal Fund      | 811-04345         |
| Putnam Small Cap Value Fund                       | 811-07237         |
| Putnam Massachusetts Tax Exempt Income Fund       | 811-04518         |
| Putnam VT Government Money Market Fund            | 811-05346         |
| Putnam Research Fund                              | 811-07237         |
| Putnam New Jersey Tax Exempt Income Fund          | 811-05977         |
| Putnam VT Global Health Care Fund                 | 811-05346         |
| Putnam VT Focused International Equity Fund       | 811-05346         |
| Putnam Small Cap Growth Fund                      | 811-07513         |
| Putnam VT Growth Opportunities Fund               | 811-05346         |
| Putnam New York Tax Exempt Income Fund            | 811-03741         |
| Putnam VT High Yield Fund                         | 811-05346         |
| Putnam Tax Exempt Income Fund                     | 811-02675         |
| Putnam Convertible Securities Fund                | 811-02280         |
| Putnam Ohio Tax Exempt Income Fund                | 811-04528         |
| Putnam VT Multi-Cap Core Fund                     | 811-05346         |
| Putnam Income Fund                                | 811-00653         |
| Putnam Floating Rate Income Fund                  | 811-07513         |
| Putnam Short Duration Bond Fund                   | 811-07513         |
| Putnam Global Technology Fund                     | 811-07513         |
| Putnam Emerging Markets Equity Fund               | 811-07513         |
| Putnam Fixed Income Absolute Return Fund          | 811-07513         |
| Putnam Multi-Asset Absolute Return Fund           | 811-07513         |
| Putnam Dynamic Asset Allocation Equity Fund       | 811-07513         |
| Putnam Dynamic Risk Allocation Fund               | 811-07513         |
| Putnam Focused Equity Fund                        | 811-07513         |
| Putnam Core Equity Fund                           | 811-07513         |
| Putnam Ultra Short Duration Income Fund           | 811-07513         |
| Putnam Intermediate-Term Municipal Income Fund    | 811-07513         |
| Putnam Government Money Market Fund               | 811-07237         |
| Putnam VT Multi-Asset Absolute Return Fund        | 811-05346         |
| Putnam Mortgage Opportunities Fund                | 811-07513         |
| Putnam PanAgora Risk Parity Fund                  | 811-07237         |
| Putnam Short-Term Municipal Income Fund           | 811-07513         |
| Putnam High Yield Fund                            | 811-04616         |
| Putnam Sustainable Leaders ETF                    | 811-23643         |
| Putnam Focused International Equity Fund          | 811-01403         |
| Putnam Sustainable Future ETF                     | 811-23643         |
| Putnam Focused Large Cap Growth ETF               | 811-23643         |
| Putnam Focused Large Cap Value ETF                | 811-23643         |
| Putnam Multi-Asset Income Fund                    | 811-07121         |
| Putnam BioRevolution ETF                          | 811-23643         |
| Putnam BDC Income ETF                             | 811-23643         |

- **v. Did the Fund draw on the line of credit this period?** No

**Line of Credit details Record: 2**

- **i. Is the line of credit a committed or uncommitted line of credit?** Uncommitted

- **ii. What size is the line of credit?** $235,500,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** State Street Bank and Trust Company

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                      | SEC File number   |
|:---|:---|
| Putnam VT Small Cap Growth Fund                   | 811-05346         |
| Putnam VT Sustainable Future Fund                 | 811-05346         |
| Putnam VT Large Cap Value Fund                    | 811-05346         |
| Putnam International Equity Fund                  | 811-06190         |
| Putnam VT Global Asset Allocation Fund            | 811-05346         |
| Putnam Tax Free High Yield Fund                   | 811-04345         |
| Putnam Dynamic Asset Allocation Growth Fund       | 811-07121         |
| Putnam Large Cap Value Fund                       | 811-02742         |
| Putnam VT Mortgage Securities Fund                | 811-05346         |
| Putnam VT International Equity Fund               | 811-05346         |
| Putnam Dynamic Asset Allocation Conservative Fund | 811-07121         |
| Putnam California Tax Exempt Income Fund          | 811-03630         |
| Putnam VT International Value Fund                | 811-05346         |
| Putnam Growth Opportunities Fund                  | 811-07237         |
| George Putnam Balanced Fund                       | 811-00058         |
| Putnam Diversified Income Trust                   | 811-05635         |
| Putnam Money Market Fund                          | 811-02608         |
| Putnam International Capital Opportunities Fund   | 811-07237         |
| Putnam VT George Putnam Balanced Fund             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund            | 811-05346         |
| Putnam Pennsylvania Tax Exempt Income Fund        | 811-05802         |
| Putnam VT Small Cap Value Fund                    | 811-05346         |
| Putnam VT Income Fund                             | 811-05346         |
| Putnam Global Income Trust                        | 811-04524         |
| Putnam Sustainable Leaders Fund                   | 811-06128         |
| Putnam Dynamic Asset Allocation Balanced Fund     | 811-07121         |
| Putnam International Value Fund                   | 811-07513         |
| Putnam Global Health Care Fund                    | 811-03386         |
| Putnam Sustainable Future Fund                    | 811-07237         |
| Putnam VT Research Fund                           | 811-05346         |
| Putnam Mortgage Securities Fund                   | 811-03897         |
| Putnam Minnesota Tax Exempt Income Fund           | 811-04527         |
| Putnam VT Diversified Income Fund                 | 811-05346         |
| Putnam VT Sustainable Leaders Fund                | 811-05346         |
| Putnam Strategic Intermediate Municipal Fund      | 811-04345         |
| Putnam Small Cap Value Fund                       | 811-07237         |
| Putnam Massachusetts Tax Exempt Income Fund       | 811-04518         |
| Putnam VT Government Money Market Fund            | 811-05346         |
| Putnam Research Fund                              | 811-07237         |
| Putnam New Jersey Tax Exempt Income Fund          | 811-05977         |
| Putnam VT Global Health Care Fund                 | 811-05346         |
| Putnam VT Focused International Equity Fund       | 811-05346         |
| Putnam Small Cap Growth Fund                      | 811-07513         |
| Putnam VT Growth Opportunities Fund               | 811-05346         |
| Putnam New York Tax Exempt Income Fund            | 811-03741         |
| Putnam VT High Yield Fund                         | 811-05346         |
| Putnam Tax Exempt Income Fund                     | 811-02675         |
| Putnam Convertible Securities Fund                | 811-02280         |
| Putnam Ohio Tax Exempt Income Fund                | 811-04528         |
| Putnam VT Multi-Cap Core Fund                     | 811-05346         |
| Putnam Income Fund                                | 811-00653         |
| Putnam Floating Rate Income Fund                  | 811-07513         |
| Putnam Short Duration Bond Fund                   | 811-07513         |
| Putnam Global Technology Fund                     | 811-07513         |
| Putnam Emerging Markets Equity Fund               | 811-07513         |
| Putnam Fixed Income Absolute Return Fund          | 811-07513         |
| Putnam Multi-Asset Absolute Return Fund           | 811-07513         |
| Putnam Dynamic Asset Allocation Equity Fund       | 811-07513         |
| Putnam Dynamic Risk Allocation Fund               | 811-07513         |
| Putnam Focused Equity Fund                        | 811-07513         |
| Putnam Core Equity Fund                           | 811-07513         |
| Putnam Ultra Short Duration Income Fund           | 811-07513         |
| Putnam Intermediate-Term Municipal Income Fund    | 811-07513         |
| Putnam Government Money Market Fund               | 811-07237         |
| Putnam VT Multi-Asset Absolute Return Fund        | 811-05346         |
| Putnam Mortgage Opportunities Fund                | 811-07513         |
| Putnam PanAgora Risk Parity Fund                  | 811-07237         |
| Putnam Short-Term Municipal Income Fund           | 811-07513         |
| Putnam High Yield Fund                            | 811-04616         |
| Putnam Sustainable Leaders ETF                    | 811-23643         |
| Putnam Focused International Equity Fund          | 811-01403         |
| Putnam Sustainable Future ETF                     | 811-23643         |
| Putnam Focused Large Cap Growth ETF               | 811-23643         |
| Putnam Focused Large Cap Value ETF                | 811-23643         |
| Putnam Multi-Asset Income Fund                    | 811-07121         |
| Putnam BioRevolution ETF                          | 811-23643         |
| Putnam BDC Income ETF                             | 811-23643         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 21 - Putnam VT Multi-Asset Absolute Return Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Putnam VT Multi-Asset Absolute Return Fund

- **b. Series identification number, if any:** S000032103

- **c. LEI:** 549300FJ7VYUU81RIO14

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 2

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                          | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | PUTNAM VT MULTI-ASSET ABSOLUTE RETURN CLASS IA | C000099977                                | N/A                          |
|                           2 | PUTNAM VT MULTI-ASSET ABSOLUTE RETURN CLASS IB | C000099978                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** Goldman Sachs Bank USA

- **ii. LEI, if any:** KD3XUN7C6T14HNAYLU02

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** The Putnam Advisory Company LLC

- **ii. LEI, if any:** 88LQ6PPLZCCSTCFX1D09

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** No

- **iv. Is the cash collateral manager an affiliated person of the Fund?** Yes

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [ ] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $852,039.00

- **g. Provide the net income from securities lending activities:** $2,026.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 17a-6 (17 CFR 270.17a-6)

- Rule 17a-7 (17 CFR 270.17a-7)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(d)(ii) (17 CFR 270.18f-4(d)(ii))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Putnam Investment Management, LLC

- **ii. SEC file number:** 801-7974

- **iii. CRD number:** 000106629

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Putnam Investments Limited

- **ii. SEC file number:** 801-61441

- **iii. CRD number:** 000122254

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vi. Foreign country, if applicable:** GB

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Sub-adviser Record: 2**

- **i. Full name:** The Putnam Advisory Company, LLC

- **ii. SEC file number:** 801-5097

- **iii. CRD number:** 000106631

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. SEC file number:** 84-06331

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Services (Corp)

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Reuters

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** PDVENDOR

- **ii. LEI, if any, or provide and describe other identifying number:** 549300WIC0TOJ7N7GD54

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** Reuters (Corp)

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 5**

- **i. Full name:** Reuters (equities)

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 6**

- **i. Full name:** PRICESERVE

- **ii. LEI, if any, or provide and describe other identifying number:** 54930015EWCI4VNCZP82

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 7**

- **i. Full name:** JPM Pricing Direct

- **ii. LEI, if any, or provide and describe other identifying number:** 549300WIC0TOJ7N7GD54

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 8**

- **i. Full name:** MARKIT

- **ii. LEI, if any, or provide and describe other identifying number:** 549300HLPTRASHS0E726

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** State Street Bank and Trust Company

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Putnam Investor Services, Inc.

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

No Administrators reported.

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** MLCO - BofA Securities, Inc.

- **ii. SEC file number:** 8-7221

- **iii. CRD number:** 000007691

- **iv. LEI, if any:** 549300HN4UKV1E2R3U73

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,613.00

**Brokers Record: 2**

- **i. Full name of broker:** CITI - CITIBANK, N.A.

- **ii. SEC file number:** 8-8177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** E57ODZWZ7FF32TWEFA76

- **v. State, if applicable:** FL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,574.00

**Brokers Record: 3**

- **i. Full name of broker:** CGML - CITIGROUP GLOBAL MARKETS INC

- **ii. SEC file number:** 8-8177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** 6SHGI4ZSSLCXXQSBB395

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,464.16

**Brokers Record: 4**

- **i. Full name of broker:** GSCO - GOLDMAN SACHS & CO LLC

- **ii. SEC file number:** 8-129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,390.68

**Brokers Record: 5**

- **i. Full name of broker:** CSFB - CREDIT SUISSE SECURITIES (USA), LLC

- **ii. SEC file number:** 8-422

- **iii. CRD number:** 000000816

- **iv. LEI, if any:** 1V8Y6QCX6YMJ2OELII46

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $968.58

**Brokers Record: 6**

- **i. Full name of broker:** BCAP - BARCLAYS CAPITAL, INC.

- **ii. SEC file number:** 8-41342

- **iii. CRD number:** 000019714

- **iv. LEI, if any:** AC28XWWI3WIBK2824319

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $752.82

**Brokers Record: 7**

- **i. Full name of broker:** UBSW - UBS SECURITIES L.L.C.

- **ii. SEC file number:** 8-22651

- **iii. CRD number:** 000007654

- **iv. LEI, if any:** T6FIZBDPKLYJKFCRVK44

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $743.62

**Brokers Record: 8**

- **i. Full name of broker:** PIJF - PIPER JAFFRAY & CO. (formerly WEEDEN & CO. L.P.)

- **ii. SEC file number:** 8-15204

- **iii. CRD number:** 000000665

- **iv. LEI, if any:** QUQDBTUSOAKFEVMRMF78

- **v. State, if applicable:** MN

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $642.12

**Brokers Record: 9**

- **i. Full name of broker:** JPMS - J.P. MORGAN SECURITIES, LLC.

- **ii. SEC file number:** 8-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $568.22

**Brokers Record: 10**

- **i. Full name of broker:** JONE - JONESTRADING

- **ii. SEC file number:** 8-26089

- **iii. CRD number:** 000006888

- **iv. LEI, if any:** 2138008JJ5PA8H5UIL69

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $381.40

**Aggregate Commission:** $10,931.47

**Item C.17.a. Principal transaction counterparties.**

| Name                                      | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| JPMS - J.P. MORGAN SECURITIES, LLC.       | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $856,057,677.36           |
| MLCO - BofA Securities, Inc.              | 8-7221            |    000007691 | 549300HN4UKV1E2R3U73 | NY      | US        | $615,894,035.26           |
| CGMI - CITIGROUP GLOBAL MARKETS INC.      | 8-8177            |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $563,007,092.24           |
| RBCA - ROYAL BANK OF CANADA               | 8-45411           |    000031194 | ES7IP3U3RHIGC71XBU11 |  |  | $83,306,000.00            |
| BNPP - BNP PARIBAS SECURITIES CORPORATION | 8-32682           |    000015794 | RCNB6OTYUAMMP879YW96 | NY      | US        | $40,245,000.00            |
| CSAG - CREDIT SUISSE AG, NEW YORK BRANCH  | 8-422             |    000000816 | ANGGYXNX0JLX3X63JN86 | NY      | US        | $34,131,386.72            |
| MSCO - MORGAN STANLEY & CO. LLC           | 8-15869           |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $31,115,866.37            |
| GSCO - GOLDMAN SACHS & CO LLC             | 8-129             |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $13,937,514.84            |
| BCAP - BARCLAYS CAPITAL, INC.             | 8-41342           |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $10,772,081.97            |
| CGML - CITIGROUP GLOBAL MARKETS INC       | 8-8177            |    000007059 | 6SHGI4ZSSLCXXQSBB395 | NY      | US        | $1,850,051.00             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $2,253,105,828.86

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $24,608,283.94

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $100,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** State Street Bank and Trust Company

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                      | SEC File number   |
|:---|:---|
| Putnam VT Small Cap Growth Fund                   | 811-05346         |
| Putnam VT Sustainable Future Fund                 | 811-05346         |
| Putnam VT Large Cap Value Fund                    | 811-05346         |
| Putnam International Equity Fund                  | 811-06190         |
| Putnam VT Global Asset Allocation Fund            | 811-05346         |
| Putnam Tax Free High Yield Fund                   | 811-04345         |
| Putnam Dynamic Asset Allocation Growth Fund       | 811-07121         |
| Putnam Large Cap Value Fund                       | 811-02742         |
| Putnam VT Mortgage Securities Fund                | 811-05346         |
| Putnam VT International Equity Fund               | 811-05346         |
| Putnam Dynamic Asset Allocation Conservative Fund | 811-07121         |
| Putnam California Tax Exempt Income Fund          | 811-03630         |
| Putnam VT International Value Fund                | 811-05346         |
| Putnam Growth Opportunities Fund                  | 811-07237         |
| George Putnam Balanced Fund                       | 811-00058         |
| Putnam Diversified Income Trust                   | 811-05635         |
| Putnam Money Market Fund                          | 811-02608         |
| Putnam International Capital Opportunities Fund   | 811-07237         |
| Putnam VT George Putnam Balanced Fund             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund            | 811-05346         |
| Putnam Pennsylvania Tax Exempt Income Fund        | 811-05802         |
| Putnam VT Small Cap Value Fund                    | 811-05346         |
| Putnam VT Income Fund                             | 811-05346         |
| Putnam Global Income Trust                        | 811-04524         |
| Putnam Sustainable Leaders Fund                   | 811-06128         |
| Putnam Dynamic Asset Allocation Balanced Fund     | 811-07121         |
| Putnam International Value Fund                   | 811-07513         |
| Putnam Global Health Care Fund                    | 811-03386         |
| Putnam Sustainable Future Fund                    | 811-07237         |
| Putnam VT Research Fund                           | 811-05346         |
| Putnam Mortgage Securities Fund                   | 811-03897         |
| Putnam Minnesota Tax Exempt Income Fund           | 811-04527         |
| Putnam VT Diversified Income Fund                 | 811-05346         |
| Putnam VT Sustainable Leaders Fund                | 811-05346         |
| Putnam Strategic Intermediate Municipal Fund      | 811-04345         |
| Putnam Small Cap Value Fund                       | 811-07237         |
| Putnam Massachusetts Tax Exempt Income Fund       | 811-04518         |
| Putnam VT Government Money Market Fund            | 811-05346         |
| Putnam Research Fund                              | 811-07237         |
| Putnam New Jersey Tax Exempt Income Fund          | 811-05977         |
| Putnam VT Global Health Care Fund                 | 811-05346         |
| Putnam VT Focused International Equity Fund       | 811-05346         |
| Putnam Small Cap Growth Fund                      | 811-07513         |
| Putnam VT Growth Opportunities Fund               | 811-05346         |
| Putnam New York Tax Exempt Income Fund            | 811-03741         |
| Putnam VT High Yield Fund                         | 811-05346         |
| Putnam Tax Exempt Income Fund                     | 811-02675         |
| Putnam Convertible Securities Fund                | 811-02280         |
| Putnam Ohio Tax Exempt Income Fund                | 811-04528         |
| Putnam VT Multi-Cap Core Fund                     | 811-05346         |
| Putnam Income Fund                                | 811-00653         |
| Putnam Floating Rate Income Fund                  | 811-07513         |
| Putnam Short Duration Bond Fund                   | 811-07513         |
| Putnam Global Technology Fund                     | 811-07513         |
| Putnam Emerging Markets Equity Fund               | 811-07513         |
| Putnam Fixed Income Absolute Return Fund          | 811-07513         |
| Putnam Multi-Asset Absolute Return Fund           | 811-07513         |
| Putnam Dynamic Asset Allocation Equity Fund       | 811-07513         |
| Putnam Dynamic Risk Allocation Fund               | 811-07513         |
| Putnam Focused Equity Fund                        | 811-07513         |
| Putnam Core Equity Fund                           | 811-07513         |
| Putnam Ultra Short Duration Income Fund           | 811-07513         |
| Putnam Intermediate-Term Municipal Income Fund    | 811-07513         |
| Putnam Government Money Market Fund               | 811-07237         |
| Putnam VT Multi-Asset Absolute Return Fund        | 811-05346         |
| Putnam Mortgage Opportunities Fund                | 811-07513         |
| Putnam PanAgora Risk Parity Fund                  | 811-07237         |
| Putnam Short-Term Municipal Income Fund           | 811-07513         |
| Putnam High Yield Fund                            | 811-04616         |
| Putnam Sustainable Leaders ETF                    | 811-23643         |
| Putnam Focused International Equity Fund          | 811-01403         |
| Putnam Sustainable Future ETF                     | 811-23643         |
| Putnam Focused Large Cap Growth ETF               | 811-23643         |
| Putnam Focused Large Cap Value ETF                | 811-23643         |
| Putnam Multi-Asset Income Fund                    | 811-07121         |
| Putnam BioRevolution ETF                          | 811-23643         |
| Putnam BDC Income ETF                             | 811-23643         |

- **v. Did the Fund draw on the line of credit this period?** No

**Line of Credit details Record: 2**

- **i. Is the line of credit a committed or uncommitted line of credit?** Uncommitted

- **ii. What size is the line of credit?** $235,500,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** State Street Bank and Trust Company

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                      | SEC File number   |
|:---|:---|
| Putnam VT Small Cap Growth Fund                   | 811-05346         |
| Putnam VT Sustainable Future Fund                 | 811-05346         |
| Putnam VT Large Cap Value Fund                    | 811-05346         |
| Putnam International Equity Fund                  | 811-06190         |
| Putnam VT Global Asset Allocation Fund            | 811-05346         |
| Putnam Tax Free High Yield Fund                   | 811-04345         |
| Putnam Dynamic Asset Allocation Growth Fund       | 811-07121         |
| Putnam Large Cap Value Fund                       | 811-02742         |
| Putnam VT Mortgage Securities Fund                | 811-05346         |
| Putnam VT International Equity Fund               | 811-05346         |
| Putnam Dynamic Asset Allocation Conservative Fund | 811-07121         |
| Putnam California Tax Exempt Income Fund          | 811-03630         |
| Putnam VT International Value Fund                | 811-05346         |
| Putnam Growth Opportunities Fund                  | 811-07237         |
| George Putnam Balanced Fund                       | 811-00058         |
| Putnam Diversified Income Trust                   | 811-05635         |
| Putnam Money Market Fund                          | 811-02608         |
| Putnam International Capital Opportunities Fund   | 811-07237         |
| Putnam VT George Putnam Balanced Fund             | 811-05346         |
| Putnam VT Emerging Markets Equity Fund            | 811-05346         |
| Putnam Pennsylvania Tax Exempt Income Fund        | 811-05802         |
| Putnam VT Small Cap Value Fund                    | 811-05346         |
| Putnam VT Income Fund                             | 811-05346         |
| Putnam Global Income Trust                        | 811-04524         |
| Putnam Sustainable Leaders Fund                   | 811-06128         |
| Putnam Dynamic Asset Allocation Balanced Fund     | 811-07121         |
| Putnam International Value Fund                   | 811-07513         |
| Putnam Global Health Care Fund                    | 811-03386         |
| Putnam Sustainable Future Fund                    | 811-07237         |
| Putnam VT Research Fund                           | 811-05346         |
| Putnam Mortgage Securities Fund                   | 811-03897         |
| Putnam Minnesota Tax Exempt Income Fund           | 811-04527         |
| Putnam VT Diversified Income Fund                 | 811-05346         |
| Putnam VT Sustainable Leaders Fund                | 811-05346         |
| Putnam Strategic Intermediate Municipal Fund      | 811-04345         |
| Putnam Small Cap Value Fund                       | 811-07237         |
| Putnam Massachusetts Tax Exempt Income Fund       | 811-04518         |
| Putnam VT Government Money Market Fund            | 811-05346         |
| Putnam Research Fund                              | 811-07237         |
| Putnam New Jersey Tax Exempt Income Fund          | 811-05977         |
| Putnam VT Global Health Care Fund                 | 811-05346         |
| Putnam VT Focused International Equity Fund       | 811-05346         |
| Putnam Small Cap Growth Fund                      | 811-07513         |
| Putnam VT Growth Opportunities Fund               | 811-05346         |
| Putnam New York Tax Exempt Income Fund            | 811-03741         |
| Putnam VT High Yield Fund                         | 811-05346         |
| Putnam Tax Exempt Income Fund                     | 811-02675         |
| Putnam Convertible Securities Fund                | 811-02280         |
| Putnam Ohio Tax Exempt Income Fund                | 811-04528         |
| Putnam VT Multi-Cap Core Fund                     | 811-05346         |
| Putnam Income Fund                                | 811-00653         |
| Putnam Floating Rate Income Fund                  | 811-07513         |
| Putnam Short Duration Bond Fund                   | 811-07513         |
| Putnam Global Technology Fund                     | 811-07513         |
| Putnam Emerging Markets Equity Fund               | 811-07513         |
| Putnam Fixed Income Absolute Return Fund          | 811-07513         |
| Putnam Multi-Asset Absolute Return Fund           | 811-07513         |
| Putnam Dynamic Asset Allocation Equity Fund       | 811-07513         |
| Putnam Dynamic Risk Allocation Fund               | 811-07513         |
| Putnam Focused Equity Fund                        | 811-07513         |
| Putnam Core Equity Fund                           | 811-07513         |
| Putnam Ultra Short Duration Income Fund           | 811-07513         |
| Putnam Intermediate-Term Municipal Income Fund    | 811-07513         |
| Putnam Government Money Market Fund               | 811-07237         |
| Putnam VT Multi-Asset Absolute Return Fund        | 811-05346         |
| Putnam Mortgage Opportunities Fund                | 811-07513         |
| Putnam PanAgora Risk Parity Fund                  | 811-07237         |
| Putnam Short-Term Municipal Income Fund           | 811-07513         |
| Putnam High Yield Fund                            | 811-04616         |
| Putnam Sustainable Leaders ETF                    | 811-23643         |
| Putnam Focused International Equity Fund          | 811-01403         |
| Putnam Sustainable Future ETF                     | 811-23643         |
| Putnam Focused Large Cap Growth ETF               | 811-23643         |
| Putnam Focused Large Cap Value ETF                | 811-23643         |
| Putnam Multi-Asset Income Fund                    | 811-07121         |
| Putnam BioRevolution ETF                          | 811-23643         |
| Putnam BDC Income ETF                             | 811-23643         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** Putnam Variable Trust

**Date:** 2023-03-08

**Signature:** Janet C. Smith

**Title:** Principal Financial Officer