# EDGAR Filing Document

**Accession Number:** 0000822671
**File Stem:** 0000869392-23-000398
**Filing Date:** 2023-2
**Character Count:** 35236
**Document Hash:** ba329b990d6c7e407d6fc442bd8e1b29
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000869392-23-000398.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0000869392-23-000398

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20221231

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05346
- **FILM NUMBER:** 23666907

**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 Large Cap Value Fund (Series ID: S000003894)

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Putnam Variable Trust

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

- **c. CIK number of Registrant:** 0000822671

- **d. LEI of Registrant:** 549300TBVD21LYBGBD46

- **e. Address and telephone number of Registrant.**

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

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

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

**Item A.2. Information about the Series.**

- **a. Name of Series:** Putnam VT Large Cap Value Fund

- **b. EDGAR series identifier (if any):** S000003894

- **c. LEI of Series:** ITNNCTEHDDEMTCLPNT59

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1573836705.04

**Total Liabilities:** $27727465.14

**Net Assets:** $1546109239.90

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010883 | -4.59%               | 6.20%                | 10.62%               |
| Class ID C000010884 | -4.62%               | 6.17%                | 10.59%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $698132.92               | $-73978032.12                              |
| Month 2  | $-1685089.17             | $96488447.95                               |
| Month 3  | $-5000438.08             | $149989665.35                              |

### Schedule of Portfolio Investments

| Name                                                                        | Title               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| T-MOBILE US INC                                                             | COMMON STOCK        | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |     88388 | NS      | $12374320.00  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON CONTROLS INTERNATIONAL PLC                                          | COMMON STOCK        | CUSIP: G51502105<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | US        |    304899 | NS      | $19513536.00  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| KEURIG DR PEPPER INC                                                        | COMMON STOCK        | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |    476344 | NS      | $16986427.04  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL MOTORS CO                                                           | COMMON STOCK        | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |    516107 | NS      | $17361839.48  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS INC                                                          | COMMON STOCK        | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |    237144 | NS      | $28537908.96  | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBVIE INC                                                                  | COMMON STOCK        | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |    112974 | NS      | $18257728.14  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| GAMING AND LEISURE PROPERTIES INC                                           | COMMON STOCK        | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |    387876 | NS      | $20204460.84  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| HILTON WORLDWIDE HOLDINGS INC                                               | COMMON STOCK        | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |    118392 | NS      | $14960013.12  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARTER COMMUNICATIONS INC                                                  | COMMON STOCK        | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |     45135 | NS      | $15305278.50  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| INGERSOLL RAND INC                                                          | COMMON STOCK        | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Long             | EC               | CORP              | US        |    334821 | NS      | $17494397.25  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ'S WHOLESALE CLUB HOLDINGS INC                                            | COMMON STOCK        | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |    221507 | NS      | $14654903.12  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| CIGNA GROUP/THE                                                             | COMMON STOCK        | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |     83612 | NS      | $27704000.08  | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| CORTEVA INC                                                                 | COMMON STOCK        | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |    390922 | NS      | $22978395.16  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| VONTIER CORP                                                                | COMMON STOCK        | CUSIP: 928881101<br>LEI: 549300VVSQLG4P5K4639 | Long             | EC               | CORP              | US        |    334960 | NS      | $6474776.80   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| APOLLO ASSET MANAGEMENT INC                                                 | COMMON STOCK        | CUSIP: 03769M106<br>LEI: 54930054P2G7ZJB0KM79 | Long             | EC               | CORP              | US        |    203317 | NS      | $12969591.43  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION ENERGY CORP                                                   | COMMON STOCK        | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |    145848 | NS      | $12573556.08  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG RESOURCES INC                                                           | COMMON STOCK        | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     59306 | NS      | $7681313.12   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITAL ONE FINANCIAL CORP                                                  | COMMON STOCK        | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |    135769 | NS      | $12621086.24  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| STATE STREET CORP                                                           | COMMON STOCK        | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |    120800 | NS      | $9370456.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARLES SCHWAB CORP/THE                                                     | COMMON STOCK        | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |    347754 | NS      | $28953998.04  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| DANAHER CORP                                                                | COMMON STOCK        | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |     48213 | NS      | $12796694.46  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHROP GRUMMAN CORP                                                       | COMMON STOCK        | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |     64663 | NS      | $35280779.43  | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHWEST AIRLINES CO                                                       | COMMON STOCK        | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |    462134 | NS      | $15560051.78  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED RENTALS INC                                                          | COMMON STOCK        | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |     50582 | NS      | $17977854.44  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP                                                        | COMMON STOCK        | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |   1233554 | NS      | $40855308.48  | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| EASTMAN CHEMICAL CO                                                         | COMMON STOCK        | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |    142862 | NS      | $11634681.28  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| PULTEGROUP INC                                                              | COMMON STOCK        | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    440077 | NS      | $20036705.81  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| PROCTER  AND  GAMBLE CO/THE                                                 | COMMON STOCK        | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |    142093 | NS      | $21535615.08  | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| BALL CORP                                                                   | COMMON STOCK        | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | EC               | CORP              | US        |    201960 | NS      | $10328234.40  | 0.67%             |  |  |  | No            |                  1 | On Loan: —       |
| VORNADO REALTY TRUST                                                        | COMMON STOCK        | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    499049 | NS      | $10385209.69  | 0.67%             |  |  |  | No            |                  1 | On Loan: —       |
| AMERICAN INTERNATIONAL GROUP INC                                            | COMMON STOCK        | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |    298497 | NS      | $18876950.28  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| WALMART INC                                                                 | COMMON STOCK        | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |    291752 | NS      | $41367516.08  | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN ELECTRIC POWER CO INC                                              | COMMON STOCK        | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |    190108 | NS      | $18050754.60  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC FINANCIAL SERVICES GROUP INC/THE                                        | COMMON STOCK        | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |    149402 | NS      | $23596551.88  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM INC                                                                | COMMON STOCK        | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |    154125 | NS      | $16944502.50  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS INSTRUMENTS INC                                                       | COMMON STOCK        | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     57299 | NS      | $9466940.78   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| COCA-COLA CO/THE                                                            | COMMON STOCK        | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |    259875 | NS      | $16530648.75  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| HONEYWELL INTERNATIONAL INC                                                 | COMMON STOCK        | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |    101031 | NS      | $21650943.30  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                                                               | COMMON STOCK        | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |    589623 | NS      | $26668648.29  | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| RAYTHEON TECHNOLOGIES CORP                                                  | COMMON STOCK        | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |    288895 | NS      | $29155283.40  | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN TOWER CORP                                                         | COMMON STOCK        | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     50288 | NS      | $10654015.68  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| ORACLE CORP                                                                 | COMMON STOCK        | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |    200490 | NS      | $16388052.60  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORP                                                              | COMMON STOCK        | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    203367 | NS      | $48771473.94  | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| KEYCORP                                                                     | COMMON STOCK        | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |    176859 | NS      | $3080883.78   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CONOCOPHILLIPS                                                              | COMMON STOCK        | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |    266707 | NS      | $31471426.00  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELON CORP                                                                 | COMMON STOCK        | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |    448040 | NS      | $19368769.20  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG INDUSTRIES INC                                                          | COMMON STOCK        | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |    137298 | NS      | $17263850.52  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| THERMO FISHER SCIENTIFIC INC                                                | COMMON STOCK        | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |     43975 | NS      | $24216592.75  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC/THE                                                 | COMMON STOCK        | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |    101870 | NS      | $34980120.60  | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| O'REILLY AUTOMOTIVE INC                                                     | COMMON STOCK        | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |     27782 | NS      | $23448841.46  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK  AND  CO INC                                                          | COMMON STOCK        | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    300424 | NS      | $33332042.80  | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| FREEPORT-MCMORAN INC                                                        | COMMON STOCK        | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |    685637 | NS      | $26054206.00  | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORP                                                            | COMMON STOCK        | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    398758 | NS      | $43983007.40  | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENERON PHARMACEUTICALS INC                                               | COMMON STOCK        | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |     48563 | NS      | $35037718.87  | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| TARGET CORP                                                                 | COMMON STOCK        | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |     96056 | NS      | $14316186.24  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| AMEREN CORP                                                                 | COMMON STOCK        | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |    110656 | NS      | $9839531.52   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE  AND  CO                                                     | COMMON STOCK        | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |    120786 | NS      | $16197402.60  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| UNION PACIFIC CORP                                                          | COMMON STOCK        | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |     90776 | NS      | $18796986.32  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBOTT LABORATORIES                                                         | COMMON STOCK        | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |    202542 | NS      | $22237086.18  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| VALERO ENERGY CORP                                                          | COMMON STOCK        | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |    166880 | NS      | $21170396.80  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| MCKESSON CORP                                                               | COMMON STOCK        | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |     86199 | NS      | $32334968.88  | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| COMCAST CORP                                                                | COMMON STOCK        | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    359298 | NS      | $12564651.06  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| ELEVANCE HEALTH INC                                                         | COMMON STOCK        | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     45648 | NS      | $23416054.56  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG ENERGY INC                                                              | COMMON STOCK        | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |    557670 | NS      | $17745059.40  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ASTRAZENECA PLC                                                             | COMMON STOCK - ADR  | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |    391184 | NS      | $26522275.20  | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| T-MOBILE US INC                                                             | CONVERTIBLE PREF    | CUSIP: 901375105<br>LEI: 549300QHIJYOHPACPG31 | Long             | EP               | CORP              | US        |     10000 | NS      | $11440200.00  | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| DANAHER CORP                                                                | CONVERTIBLE PREF    | CUSIP: 235851409<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EP               | CORP              | US        |      6266 | NS      | $8505003.71   | 0.55%             |  |  |  | No            |                  2 | On Loan: —       |
| STATE STREET B AND T CO                                                     | CURRENCY FORWARDS   | CUSIP: N/A<br>LEI: 571474TGEMMWANRLN572       | N/A              | DFE              | CORP              | US        |         1 | NC      | $5970134.95   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC WHOLESALE, LONDON                                         | CURRENCY FORWARDS   | CUSIP: N/A<br>LEI: G5GSEF7VJP5I7OUK5573       | N/A              | DFE              | CORP              | GB        |         1 | NC      | $16082660.95  | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA N.A.                                                        | CURRENCY FORWARDS   | CUSIP: N/A<br>LEI: B4TYDEB6GKMZO031MB27       | N/A              | DFE              | CORP              | US        |         1 | NC      | $2503004.06   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| WESTPAC BANKING CORPORATION                                                 | CURRENCY FORWARDS   | CUSIP: N/A<br>LEI: EN5TNI6CI43VEPAMHL14       | N/A              | DFE              | CORP              | US        |         1 | NC      | $112264.60    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                                      | CURRENCY FORWARDS   | CUSIP: N/A<br>LEI: BFM8T61CT2L1QCEMIK50       | N/A              | DFE              | CORP              | US        |         1 | NC      | $14742273.04  | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTL FX                                                       | CURRENCY FORWARDS   | CUSIP: N/A<br>LEI: W22LROWP2IHZNBB6K528       | N/A              | DFE              | CORP              | US        |         1 | NC      | $2190964.02   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTL FX                                                       | CURRENCY FORWARDS   | CUSIP: N/A<br>LEI: W22LROWP2IHZNBB6K528       | N/A              | DFE              | CORP              | US        |         1 | NC      | $15701058.19  | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA N.A.                                                        | CURRENCY FORWARDS   | CUSIP: N/A<br>LEI: B4TYDEB6GKMZO031MB27       | N/A              | DFE              | CORP              | US        |         1 | NC      | $3742493.53   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY AND CO. INTERNATIONAL                                        | CURRENCY FORWARDS   | CUSIP: N/A<br>LEI: 4PQUHN3JPFGFNF3BB653       | N/A              | DFE              | CORP              | US        |         1 | NC      | $15890996.44  | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC BANK USA                                                               | CURRENCY FORWARDS   | CUSIP: N/A<br>LEI: 1IE8VN30JCEQV1H4R804       | N/A              | DFE              | CORP              | US        |         1 | NC      | $5823589.91   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| STATE STREET B AND T CO                                                     | CURRENCY FORWARDS   | CUSIP: N/A<br>LEI: 571474TGEMMWANRLN572       | N/A              | DFE              | CORP              | US        |         1 | NC      | $8967119.84   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE                                                 | EQUITY INDEX FUTURE | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | N/A              | DE               | CORP              | US        |       155 | NC      | $29922750.00  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| SHELL PLC                                                                   | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |    863226 | NS      | $24468574.79  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| ASSURED GUARANTY LTD                                                        | ORDINARY SHARES     | CUSIP: G0585R106<br>LEI: 549300BBOQUJEPH87M14 | Long             | EC               | CORP              | BM        |    308272 | NS      | $19193014.72  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP SEMICONDUCTORS NV                                                       | ORDINARY SHARES     | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |     50445 | NS      | $7971823.35   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| SANOFI                                                                      | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               | CORP              | FR        |    134278 | NS      | $12913405.47  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| AXA SA                                                                      | ORDINARY SHARES     | CUSIP: N/A<br>LEI: F5WCUMTUM4RKZ1MAIE39       | Long             | EC               | CORP              | FR        |    691079 | NS      | $19274581.37  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                                                                     | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 549300MIDJNNTH068E74       | Long             | EC               | CORP              | IE        |    352304 | NS      | $13957345.84  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| PUTNAM CASH COLLATERAL POOL LLC                                             | SHORT TERM INV FUND | CUSIP: N/A<br>LEI: 5493005HRIV7IFMKD774       | Long             | STIV             | PF                | US        |  23050283 | NS      | $23050283.00  | 1.49%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | SHORT TERM INV FUND | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |    343000 | NS      | $343000.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PUTNAM SHORT TERM INVESTMENT FUND                                           | SHORT TERM INV FUND | CUSIP: 74676P664<br>LEI: 5493003MK0Q7JP8CPP42 | Long             | STIV             | PF                | US        |  83862645 | NS      | $83862645.00  | 5.42%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES OF AMERICA                                                    | U.S. T BILLS        | CUSIP: 912796ZJ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    800000 | PA      | $799437.26    | 0.05%             | 2023-01-10      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UNITED STATES OF AMERICA                                                    | U.S. T BILLS        | CUSIP: 912796ZK8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1500000 | PA      | $1497854.06   | 0.10%             | 2023-01-17      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UNITED STATES OF AMERICA                                                    | U.S. T BILLS        | CUSIP: 912796ZL6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3700000 | PA      | $3691710.38   | 0.24%             | 2023-01-24      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-24

**Name of Applicant:** Putnam Investments Inc

**Signature:** Janet C. Smith

**Name of Signer:** NPORT

**Title:** Principal Financial Officer